Fletcher Build­ing to sell Pacificc Steel

DEMM Engineering & Manufacturing - - NEWS -

Fletcher Build­ing has en­tered into a con­di­tional agree­ment to sell the down­stream long-prod­ucts rolling and mar­ket­ing op­er­a­tions of Pa­cific Steel Group (Pa­cific Steel) to BlueS­cope Steel Limited (BlueS­cope).

The trans­ac­tion is val­ued at ap­prox­i­mately NZ$120 mil­lion and the sale in­cludes Pa­cific Steel’s rolling mill and wire draw­ing fa­cil­i­ties in Otahuhu to­gether with its Fi­jian rolling mill.

The trans­ac­tion is con­di­tional upon Com­merce Com­mis­sion clear­ance. As­sum­ing all con­di­tions are sat­is­fied, the trans­ac­tion will be com­pleted by 30 June.

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