AI assistant
FLETCHER BUILDING LIMITED — Merger & Acquisition 2016
Jul 28, 2016
64902_rns_2016-07-28_4eca6bdd-14ca-4031-a951-794af1ce45d2.pdf
Merger & Acquisition
Open in viewerOpens in your device viewer
==> picture [41 x 21] intentionally omitted <==
NEWS RELEASE
Auckland, 29 July 2016 – Fletcher Building Limited (Fletcher Building) announces it has completed the transaction to acquire New Zealand and Fiji road construction and maintenance business Higgins for a purchase price of NZ$303 million.
The businesses acquired as part of this transaction comprise principally:
-
Higgins’ road construction and maintenance operations in New Zealand, including asphalt and bitumen plants
-
Road construction and maintenance operations in Fiji
-
Higgins’ aggregates business (excluding the Horokiwi Quarry, a Wellington based joint-venture)
-
Other related businesses including the manufacture of traffic signs, bitumen tanks and sprayers
Higgins’ ready-mix concrete and property businesses are excluded from the transaction which has been cleared by all relevant New Zealand and Fijian regulatory authorities.
Ends For further information contact: Investors Media Philip King Shannon Huse Caldwell Group General Manager External Communications Manager Investor Relations & Capital Markets Phone: + 64 9 525 9043 Phone: +64 9 525 9085 Mobile: + 64 27 444 0203 Mobile: +64 27 807 2933 Email: [email protected] Email: [email protected]
About Fletcher Building
Fletcher Building is an integrated manufacturer and distributor of infrastructure and building products, and a construction company. From the smallest grain of sand to projects of great scale, we make, deliver and build to improve infrastructure, build communities and strengthen economies. We have 20,000 people working in 33 business groups in 40 countries. For more visit www.fbu.com
About Higgins
Higgins (New Zealand and Fiji) is an integrated civil construction and infrastructure product contractor. It is the third largest participant in the New Zealand road construction and maintenance sector. The business has had a strong growth trajectory in recent years, driven by the expansion of its base from the lower North Island into the Auckland, Waikato, Bay of Plenty and Canterbury regions. This has been augmented by strong growth in its Fiji operations, where two major contracts have been won.