Fletcher Building gets green light to buy insulation company

The Australian Competition and Consumer Commission (ACCC) today gave the green light to Fletcher Building's takeover bid for Australian insulation company Insulation Solutions.

Insulation Solutions is a subsidiary of building products company Amatek and insulation products from glasswool and reflective foil for businesses and homes.

It is reported to have annual revenue of A$100 million ($110.2 million) and about 33 per cent of the Australian market for glasswool insulation.

Fletcher Building late last year confirmed it was in the hunt for more assets from Amatek although it had not confirmed exactly which ones.

Fletcher Building has spent $1 billion on acquisitions across the Tasman since 2002 including wallboard manufacturer Laminex, which it bought from Amatek for $754 million.

Fletcher Building shares were up a cent at $6.58 in early afternoon trade today.

- NZPA