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New Zealand-based Fletcher Building Limited (ASX:FBU) has flagged 108 job losses and a financial hit as a result of exiting its copper tube manufacturing business in Australia.
The building and manufacturing supplier says the decision will include the closure of the Crane Copper Tube site in Penrith.
Work is anticipated to wind up by the end of this year and the transition out of export trading is likely to be concluded within 18 months.
Fletcher Building says the closure of the business is likely to result in a charge of $NZ19 million, or about $AUD17.3 million, this financial year.
The company will retain ownership of the Penrith site and says none of its other businesses are impacted by the decision to close Crane Copper Tube.
Fletcher Building reported a net profit of $326 million in the 2014 financial year.
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