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- Release Date: 03/09/12 11:23
- Summary: ASSET: FBU: FB enters conditional agreement to sell Corys Electrical
- Price Sensitive: No
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FBU
03/09/2012 09:23
ASSET
REL: 0923 HRS Fletcher Building Limited
ASSET: FBU: FB enters conditional agreement to sell Corys Electrical
Auckland, 3 September 2012 - Fletcher Building Limited today announced that
it had entered into a conditional agreement to sell its electrical products
distribution business Corys Electrical to Sonepar SA.
Sonepar SA is an independent, French family-owned company with global market
leadership in the distribution of electrical products and related solutions.
Founded in 1969, Sonepar employs 33,000 associates at 160 entities in 35
countries, with revenues in excess of EUR15 billion.
Corys Electrical was acquired by Fletcher Building as part of the Crane Group
acquisition in 2011.
Completion of the sale will mean that Fletcher Building has realised almost
$90 million in total through the sale of Corys Electrical and two of Crane's
metals distribution businesses, the sales of which were announced in early
July. These businesses were identified as non-core following a review of the
Crane division.
The completion of the Corys Electrical sale may take up to four months to
complete.
For investor enquiries:
Philip King
General Manager Investor Relations
Phone: + 64 9 525 9043
Mobile: + 64 27 444 0203
For media enquiries:
Stephen Smith
Corporate Affairs Advisor
Phone: +64 9 525 9125
Mobile: +64 21 375 166
End
End CA:00226816 For:FBU Type:ASSET Time:2012-09-03 09:23:39
