Steel & Tube To Buy New Zealand Fasteners Group
Steel & Tube To Buy New Zealand Fasteners Group
Jason Sandefur
New Zealand-based Steel & Tube Holdings Ltd. signed a preliminary agreement to buy fastener and construction products distributor New Zealand Fasteners Group for an estimated NZ $11 million (US$7.4 million). CEO Nick Calavrias said the deal offered the company a further avenue for expansion. Expected to be finalized in March, the sale will add about 80 employees and eight locations to Steel & Tube’s business.
Steel & Tube already owns a fastening systems operation with six locations. The current business stocks a range of metal fasteners for the construction and manufacturing industries.
Steel & Tube recorded a 3% sales increased to NZ 222.8 million (US$149.5 million) during the first six months of fiscal 2006, while net income dipped 10% to NZ 17.68 million (US$11.87 million).
Steel & Tube is New Zealand’s largest distributor of steel and allied products. It has 41 distribution and service centers throughout the country. The company has about 800 employees. Web: steelandtube.co.nz �2006 FastenerNews.com
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