By Phil Boeyen, ShareChat Business News Editor
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Tuesday 19th February 2002 |
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The company says it has signed an agreement for the Australian construction company, John Holland Group, to acquire its contracting business there. FBU says the sale was foreshadowed at recent results presentations.
Current contracts will be completed by Fletcher Construction Australia with management input from John Holland.
Head of FBU's construction group, Mark Binns, says that unlike in New Zealand, where construction is an integral part of the company's operations, there is no strategic benefit in maintaining an Australian construction presence.
"We are very pleased that our employees will be joining one of Australia's oldest and most respected contractors," he says.
Fletcher Building says any cost of exiting the business is expected to less be than the unusual gains on the sale of Lunn Avenue Quarry reported last year.
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