Fletcher to book $70m from Crane metal sale

Fletcher Building expects to realise about $70 million from the sale of Crane Group's Australian and New Zealand metal distribution businesses.

Fletcher Building said it had sold the businesses - Austral Wright Metals and MICO Metals - to AW Distribution Pty and Wakefield Metals, respectively.

Both businesses were part of the last year's acquisition by Fletcher Building of Australia's Crane Group.

The buyers have a number of other metal distribution businesses in Australasia, and have a history in metal distribution in the United Kingdom and Europe, Fletcher Building said.

Austral Wright is a major Australian importer and distributor of stainless steel, aluminium, copper, brass, bronze, nickel alloys, duplex alloys, titanium alloys and speciality metals.

MICO Metals imports and distributes aluminium, brass, copper, stainless steel, zinc, fasteners and other specialty products for New Zealand manufacturers in the building and construction, white goods, marine, transport, electrical and the wine and dairy industries.

Shares in Fletcher Building last traded at $5.87, down from $8.56 this time last year.

- BusinessDesk

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