Crane Group is a Sydney-based building and industrial products company which traces its history back to 1867.
In 1994 it expanded into New Zealand with the purchase of Tradelink Plumbing Supplies from Burns Philp.
That acquisition doubled the size of Crane's plumbing supplies business.
Its New Zealand unit, Crane Distribution
New Zealand, encompasses Mico Plumbing and Pipelines, MasterTrade and Corys, an electrical supply business.
Crane divides its business into three categories of pipelines, trade distribution and industrial products.
Fletcher Building said the acquisition of Crane would give it a plastic pipe manufacturing business, which would extend its existing concrete pipe business.
Crane's trade distribution business in plumbing and electrical supplies would complement Fletcher's existing trade distribution business.
In industrial products, Crane had a specialty metal manufacturing and distribution business that would complement Fletcher Building's significant steel distribution business in New Zealand. Crane had revenues of A$1.86 billion ($2.47 billion) and earnings before interest and tax of A$68 million in its 2010 financial year.
New Zealand sales of its trade distribution business fell 13 per cent to A$300.7 million in the year to June 30 and earnings before interest and tax of $800,000 in New Zealand were down 76 per cent on the previous year, according to a presentation.
The company has been reducing costs and consolidating branches and reducing staff in New Zealand.
- NZPA
