Jamie Gray

Jamie Gray is a business reporter for the New Zealand Herald and APNZ wire agency

Fletcher agrees to sell electrical business

Corys Electrical will be solf to the French international distributor, Sonepar SA. Photo / Supplied
Corys Electrical will be solf to the French international distributor, Sonepar SA. Photo / Supplied

Fletcher Building said it had entered into a conditional agreement to sell its Christchurch-based electrical products distribution business, Corys Electrical, to the French international distributor, Sonepar SA.

Cory's was part of Australia's Crane Group, which Fletcher Building bought in March 2011.

Completion of the sale will mean that Fletcher Building has realised almost $90 million in total through the sale of Corys and two of Crane's metals distribution businesses.

These businesses were identified as "non-core" following a review of the Crane division, Fletcher Building said in a statement.

Sonepar SA is an independent, French family-owned international distributor of electrical products and related solutions.

The completion of the Corys sale may take up to four months to complete, Fletcher Building said.

- APNZ

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