STU
04/08/2015 08:30
ASSET
NOT PRICE SENSITIVE
REL: 0830 HRS Steel & Tube Holdings Limited
ASSET: STU: Steel & Tube confirms acquisition of MSL
4 August 2015
Steel & Tube Holdings Ltd confirms it has completed its acquisition of the
business and assets of Manufacturing Suppliers Limited, also known as
Fortress Fasteners, and its related companies.
The consideration was $32 million. Of this amount, $26,000,002 was paid in
cash and $5,999,998 was paid by issuing 2,103,786 Steel & Tube shares to the
vendor at an issue price of $2.852. The shares are subject to disposal
restrictions for between 6 and 18 months.
MSL is one of the largest fastenings companies in New Zealand. Its iconic
Fortress brand was introduced in 1997 and has become a market leader with a
reputation for quality and reliability.
It will be business as usual for MSL which will continue to operate under its
own brand from all of its existing locations.
ENDS
About S&T
S&T 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. 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 iconic Hurricane and Atlas brands
and it holds the distribution rights for ComFlor.
MSL began as a small operation in New Lynn, Auckland in 1980. It now has
eight branches nationwide and employs around 100 people. Its own brand,
Fortress, was introduced in 1997 and has become a market leader with a
reputation for quality and reliability. MSL stocks over 200 million items and
10,000 product lines and is one of the largest fastening wholesalers in New
Zealand.
For more information contact: Diane Robinson, S&T Communications Manager: 027
569 1919 / 04 570 3290.
End CA:00267866 For:STU Type:ASSET Time:2015-08-04 08:30:24
