Fletcher Building expands laminates business in India

Free audio stream, including stories that are padlocked on our site. Listen on any device, anywhere. Updated twice daily. The audio stream takes several seconds to start on Android devices.

Launch Radio player

Fletcher Building has agreed to buy a laminates manufacturer in the Indian state of Gujurat for 365 million rupees ($8.2 million) to expand its operations in the sub-continent.

Fletcher's local affiliate, Formica Laminates (India) Private, will acquire the assets of the decorative laminate manufacturing business of listed Indian manufacturer Well Pack Papers & Containers, it says in a statement.

The deal will be settled before the end of the year.

"India represents the world's largest laminate market and by establishing an HPL manufacturing base in the region and leveraging our global capabilities we have the opportunity to bring a new level of product technology and customer service to the Indian market," says Paul Zuckerman, chief executive of Fletcher's laminates and panels division.

The assets being acquired are a three-year-old, 26,000sq m HPL facility with two presses and room for expansion, Fletcher says. It is located in the west of India, close to suppliers and with good distribution links to the main markets.

Shares of Fletcher rose 1.1% to $7.32 on the NZX and have climbed 18% this year.

(BusinessDesk)


This article is tagged with the following keywords. Find out more about MyNBR Tags

Comments & Questions

Commenter icon key: Subscriber Verified

Post New comment or question

Plain text

  • No HTML tags allowed.
  • Web page addresses and e-mail addresses turn into links automatically.
  • Lines and paragraphs break automatically.

NZ Market Snapshot

Forex

Sym Price Change
USD 0.7680 0.0000 0.00%
AUD 0.9866 0.0000 0.00%
EUR 0.7101 0.0000 0.00%
GBP 0.5130 0.0000 0.00%
HKD 5.9663 0.0000 0.00%
JPY 91.3140 0.0000 0.00%

Commods

Commodity Price Change Time
Gold Index 1202.7 5.690 2015-04-17T00:
Oil Brent 63.5 1.740 2015-04-17T00:
Oil Nymex 55.7 -1.000 2015-04-17T00:
Silver Index 16.2 -0.050 2015-04-17T00:

Indices

Symbol Open High Last %
NZX 50 5881.8 5884.7 5881.8 -0.34%
NASDAQ 4966.1 4974.1 5007.8 -1.52%
DAX 11942.4 12019.8 11998.9 -2.58%
DJI 18102.6 18102.6 18105.8 -1.54%
FTSE 7060.4 7093.5 7060.4 -0.93%
HKSE 27808.2 27969.4 27739.7 -0.31%
NI225 19810.4 19815.2 19885.8 -1.17%