By NZPA
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Friday 7th March 2003 |
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The conditional offer is expected to be settled by March 21, with the takeover coming into effect on April 1. The purchase price includes $13 million in goodwill, plus assets, and will be paid in cash.
Hurricane is New Zealand's largest manufacturer and distributor of wire products including mesh fencing, farm gates, nails, staples and reinforcing mesh.
It has manufacturing operations in Auckland and Christchurch and generates annual sales of $47 million and earnings before interest and tax of $4 million, Steel & Tube chief executive Nick Calavrias said.
The acquisition will be earnings per share positive in year one and will not affect Steel & Tube's ability to complete its share buy back programme which is scheduled to run until September 23.
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