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Fletcher sells Crane metals businesses for $70m

BUSINESSDESK: Fletcher Building, the largest construction company on the NZX, has sold the metals distribution businesses it acquired when it bought Crane Group last year for about $70 million.

Fletcher said it had sold Austral Wright Metals and Mico Metals to AW Distribution and Wakefield Metals respectively.

AWM and Mico Metals are importers and distributors of a range of non-ferrous metals in Australia and New Zealand.

The buyers have a number of other metal distribution businesses in Australasia and the investors have a long history in metal distribution in the UK and Europe, it said.

Fletcher stock last traded at $5.81 and has declined 4.4% this year.

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Problem with liquidity??