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.