STU
08/04/2014 08:30
ASSET
REL: 0830 HRS Steel & Tube Holdings Limited
ASSET: STU: S&T to acquire Tata Steel International (Australasia) Ltd
Steel & Tube Holdings Ltd announces its intention to acquire Tata Steel
International Australasia Ltd (TSIAL) on 14 April 2014 for a cash
consideration of NZ$27.5 million.
TSIAL is a division of the Tata Steel group, one of the world's largest steel
producers, and supplies stainless steel, engineering steels and composite
floor decks to the New Zealand and Pacific Island markets.
Steel & Tube CEO Dave Taylor says: "In a year when both companies celebrate
their 60th year in business, the acquisition represents an important
milestone for both of us. Together we are further strengthening our position
as New Zealand's leading steel distribution company, providing outstanding
steel solutions to construction, manufacturing and rural businesses
throughout the country.
"TSIAL is an excellent strategic fit for Steel & Tube. Acquiring its
established stainless and engineering steel distribution business, alongside
its ComFlor manufacturing capability, will ensure continued growth under the
long-established and well respected Steel & Tube brand.
"It means that together, we can deliver even more innovative products and
offerings to our combined customer base. It's all about growing, innovating
and competing."
ENDS
About Steel & Tube
Steel & Tube is New Zealand's leading supplier of steel products and
services. It has a nationwide service and distribution network in 40
locations and is listed among the top 50 companies on the New Zealand Stock
Exchange by market capitalisation. It caters to numerous sectors across the
New Zealand economy including commercial and residential construction,
manufacturing, rural and heavy and light engineering. Its product range
includes the Hurricane and Atlas brands.
About TSIAL
Tata Steel International (Australasia) Ltd is a division of Tata Steel. In
New Zealand, Tata Steel markets the multi-metals product range and services
of the Tata Steel group, together with the range of standard and special
grade stainless steel products from a range of manufacturers. Principal
market sectors include: food and beverages, pulp and paper, mining,
chemicals, oil and gas, construction, transport and infrastructure,
manufacturing, and marine and general engineering.
For more information contact Diane Robinson, Steel & Tube Communications
Manager: 027 569 1919/04 570 3290.
End CA:00249222 For:STU Type:ASSET Time:2014-04-08 08:30:09
