|
Wednesday 10th April 2013 |
Text too small? |
Fletcher Building executive Dave Worley has left the country's biggest listed company after the Crane unit he was responsible for was folded into the parent.
The Auckland-based company will disestablish Crane, which has been operating as a separate group since its takeover two years ago, in a bid to better align the construction firm's units, Fletcher said in a statement. Worley, who has previously headed Fletcher's distribution and laminex decisions before leading Crane, decided to leave as a result of the restructure.
Fletcher bought the Australian pipe manufacturer and distribution company in early 2011 for $1.2 billion in cash and scrip with the aim of diversifying Australian earnings, though it was the worst performing unit in the first half of the current financial year.
Crane's Iplex Pipelines and Crane Copper Tube will now report Fletcher's infrastructure products, bringing pipe and tube units under one umbrella, while the plumbing distribution business Tradelink will report to chief executive Mark Adamson directly.
The shares rose 0.6 percent to $8.55 today, and have gained 3.1 percent this year.
BusinessDesk.co.nz
No comments yet
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 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
Fletcher sees earnings growth of up to 22 percent in 2013
