Sharechat Logo

Fletcher's sells Crane metals distribution businesses for $70 million

Monday 2nd July 2012

Text too small?

Fletcher Building, the largest construction company on the NZX, has sold the metals distribution businesses it acquired when it bought Crane Group last year for about $70 million.

Fletcher sold Austral Wright Metals and Mico Metals to AW Distribution and Wakefield Metals respectively, Fletcher said in a statement. AWM and Mico Metals are importers and distributors of a range of non-ferrous metals in Australia and New Zealand.

The purchasers have a number of other metal distribution businesses in Australasia and the investors have a long history in metal distribution in the UK and Europe, it said.

Fletcher stock last traded at $5.81 and has declined 4.4 percent this year.

  General Finance Advertising    

Comments from our readers

No comments yet

Add your comment:
Your name:
Your email:
Not displayed to the public
Comments to Sharechat go through an approval process. Comments which are defamatory, abusive or in some way deemed inappropriate will not be approved. It is allowable to use some form of non-de-plume for your name, however we recommend real email addresses are used. Comments from free email addresses such as Gmail, Yahoo, Hotmail, etc may not be approved.

Related News:

Fletcher Building faces probe into plasterboard supply deals
Fletcher closes Christchurch plasterboard plant after finding asbestos
Fletcher Building names Charles Bolt as general counsel, replacing Farrell
Fletcher beats estimates with $326M FY profit as NZ revives, Australia stays flat
Fletcher executive Worley leaves as underperforming Crane unit brought in-house
Fletcher puts strategy under microscope seeking $70M annual gain, will shed jobs
Fletcher Building 1H profit edges up
Fletcher Building capital notes rollover at 5.4 percent from 8.9 percent
Fletcher Building offloads CSP Coating galvanised steel unit
Fletcher not abusing its role running Canterbury home repairs, EQC says