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.


1 · Got a question about this story? Leave it in Comments & Questions below.

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

1 Comment & Question

Commenter icon key: Subscriber Verified

Problem with liquidity??

Reply
Share
  • 0
  • 0

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 0.6718 -0.0019 -0.28%
AUD 0.9342 -0.0036 -0.38%
EUR 0.6021 -0.0022 -0.36%
GBP 0.4571 -0.0032 -0.70%
HKD 5.2181 -0.0150 -0.29%
JPY 74.0300 -0.0520 -0.07%

Commods

Commodity Price Change Time
Gold Index 1223.8 -3.140 2016-05-25T00:
Oil Brent 50.2 1.960 2016-05-25T00:
Oil Nymex 49.6 0.910 2016-05-25T00:
Silver Index 16.3 0.010 2016-05-25T00:

Indices

Symbol Open High Last %
NZX 50 6915.7 6926.2 6908.0 0.12%
NASDAQ 4877.2 4905.4 4861.1 0.70%
DAX 10143.4 10233.1 10057.3 1.47%
DJI 17735.1 17891.7 17706.0 0.82%
FTSE 6219.3 6270.2 6219.3 0.70%
HKSE 20156.8 20379.7 19830.4 2.71%
NI225 16764.3 16806.0 16498.8 1.57%