Fletcher's sells Crane metals distribution businesses for $70 million

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 sold Austral Wright Metals and Mico Metals to AW Distribution and Wakefield Metals respectively, Fletcher said in a statement. AWM and Mico Metals are importers and distributors of a range of non-ferrous metals in Australia and New Zealand.

The purchasers 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 percent this year.

BusinessDesk.co.nz

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