Monday 7th December 2015 |
Text too small? |
Steel & Tube Holdings, New Zealand's biggest steel distribution company, has sold its former processing facility for $8.4 million having shifted manufacturing to a new purpose-built site in Auckland.
The Petone based company will record a $5.2 million gain from the sale in its results for the six months ending Dec. 31 this year, with the deal due to settle on Dec. 22, it said in a statement. The company didn't identify the buyer.
Steel & Tube moved out of the facility, on Bowden Road in Auckland's Mt Wellington, in September. A company spokesperson told BusinessDesk Steel & Tube "has been on a programme of upgrading our facilities over the past two years" and the sale was part of this. It now operates from a purpose-built processing hub in Highbrook, Auckland.
The steel products maker has been on an acquisition drive in recent times, buying Aquaduct NZ out of receivership for about $8 million cash in August, a month after it agreed to acquire fastener maker Manufacturing Suppliers for $32 million in cash and scrip. It also acquired Tata Steel (Australasia) for $28.1 million, renaming it S&T Stainless, in April last year.
The shares last traded at $2.18, and have dropped 25 percent this year.
BusinessDesk.co.nz
No comments yet
Spark New Zealand appoints new director to the Spark Board
AFT to announce full year results on May 23 2024
CRP - Korella North Takes Another Two Steps Forward
May 3rd Morning Report
ASB workers to strike as bank proposes an effective pay cut
Rising tides, sinking stocks: study explores cost of climate change
May 2nd Morning Report
AGL - Change in Senior Management
Devon Funds Morning Note - 01 May 2024
Rick Christie to step-aside as a non-executive director