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.
This article is tagged with the following keywords. Find out more about MyNBR Tags
- Accountant pinged for unauthorised car payments, conflicts of interest
- Credit card spending has dived in UK post-Brexit: Mastercard exec
- Brexit aftermath: disdain, the elites, and the warning for conservative parties everywhere
- No need to 'Tesla panic' just yet, although electric cars are the coming thing
- US Democrats vote not to oppose TPP
Most listened to
- NBR's Rob Hosking and John Shewan discuss the just released report
- Queenstown mayoral candidate Jim Boult talks up his chances
- Nathan Smith on the unsurprising US Democrat support of the TPP
- Mercer's Garry Adams sees upside in expats' cost of living drop
- What Australia needs now is stability, no more hopping around, says CPA CEO Alex Malley