Fletchers bids for Australian steel company

Fletcher Building has entered a conditional agreement to buy Fielders Australia Pty Ltd.

Fielders is owned by Hills Industries Ltd (60 per cent) and FSR Investments Pty Ltd (40 per cent).

The conditions include due diligence, Australian regulatory approval, and the approval of Fletcher Building's board of directors.

Adelaide-based steel product company Fielders has annual sales of about A$275 ($315.4) million and employs 890 people across Australia.

Fletcher Building chief executive Jonathan Ling said Fielders was a well run business with a solid reputation for performance.

"It would complement our existing business units in Australia and New Zealand."

- NZPA