Fletcher Building to Sell Reinforcing, Wire Unit to United Industries for Nearly NZ$16 Million

MT Newswires Live

Apr 28

Fletcher Building (ASX:FBU, NZE:FBU) entered a binding conditional agreement to sell its Fletcher Reinforcing and Wire business to United Industries for NZ$15.7 million, according to a Tuesday filing with the New Zealand bourse.

The transaction is subject to standard completion conditions, including approval from the New Zealand Commerce Commission and certain third-party consents, and is expected to close before the end of the year, per the filing.

The final purchase price will be adjusted based on working capital and net debt, with the company expecting to record a loss on the sale of around NZ$20 million to NZ$23 million upon completion, the filing added.

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