Tuesday 8th April 2014
|Text too small?|
Steel & Tube, which manufactures steel products, plans to buy the local division of India's Tata Steel Group for $27.5 million.
The Lower Hutt-based company plans to buy Tata Steel International Australasia on April 14, acquiring its stainless and engineering steel distribution business and composite steel floor manufacturing, Steel & Tube said in a statement.
"Together we are further strengthening our position as New Zealand's leading steel distribution company," Steel & Tube chief executive Dave Taylor said. "It's all about growing, innovating and competing."
Steel & Tube boosted first-half earnings 10 percent to $8 million in the second six months of 2013, holding its margins while warning of a highly competitive market. At the time of the announcement, the company said it needed new investment and greater labour flexibility to counter those pressures.
The shares fell 1 percent $2.96 in trading yesterday, and have declined 3 percent this year.
No comments yet
Sky CEO put on notice by chunky vote against salary share scheme
Unions gearing up to oppose 'market tests' on Fair Pay Agreements
Mandatory farm plans scorned as 'tick box' exercises
Kiwi dollar firms on weak US retail data, capped by rate-cut expectations
17th October 2019 Morning Report
SkyCity hoses down union claims over potential job losses
OPINION: Fair Payment Agreements and 'swallowing vomit' - the lot of the CTU
MARKET CLOSE: NZ shares gain; Restaurant Brands climbs on upbeat outlook
NZ dollar stalls after Bascand's rate cut comments
Bascand says RBNZ will consider changing bank capital proposals