STU
15/09/2015 10:59
ASSET
NOT PRICE SENSITIVE
REL: 1059 HRS Steel & Tube Holdings Limited
ASSET: STU: Steel & Tube confirms acquisition of Aquaduct
15 September 2015
Steel & Tube Holdings Ltd has completed its acquisition of Canterbury-based
Aquaduct and Bosch Irrigation.
Aquaduct specialises in large bore long length polyethylene pipe and on-farm
irrigation and was a key supplier of product to the Valetta and Central
Plains irrigation schemes.
The companies, founded by Gerard van den Bosch, went into receivership
earlier this year. Mr van den Bosch will continue working for S&T in a new
role.
CEO Dave Taylor says the acquisition "Will enhance S&T's capability as a key
supplier of reticulation products, taking us into new and exciting territory.
"Aquaduct is a great company with an innovative and exciting product offering
that complements our core business." The company will continue the Aquaduct
and Bosch branding.
The consideration for the acquisition is $8 million in cash.
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 key centres, 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 Hurricane, Atlas, ComFlor and
Fortress brands.
About Aquaduct NZ Ltd
Aquaduct is a New Zealand based polyethylene pipe manufacturers specialising
in the manufacture of large bore, long length PE 100 pipe. High quality pipes
up to 1.6m diameter are manufactured in lengths from 6m to 250m. The company
is based just outside of Ashburton and employs approximately 30 people.
About Bosch Irrigation Ltd
Bosch Irrigation, based in Norwood, Christchurch, specialises in designing,
manufacturing and installing irrigation systems. The systems are engineered
to ensure that water, energy, capital, labour are used as efficiently as
practical.
For more information call: Diane Robinson, S&T Communications Manager: 027
569 1919
End CA:00270161 For:STU Type:ASSET Time:2015-09-15 10:59:49
