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Fletcher Steel sells Cyclone operations

By Phil Boeyen, ShareChat Business News Editor

Friday 28th September 2001

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The sale of non-core operations continues at Fletcher Building (NZSE: FBU) with the company divesting one of its steel businesses.

FBU says it has sold the rural side of its North Island steel company, Cyclone, to Tru-Test Limited.

The Cyclone rural business has plants in Auckland and Palmerston North and manufactures and distributes fencing products and gates. However the steel mesh business of Cyclone will remain a part of Fletcher Steel.

FBU chief, Ralph Waters, says the sale is part of the company's continuing drive to exit non-core operations if it can achieve value.

The sale is effective from the start of November and no job losses are envisaged.

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