FBU
16/06/2014 13:07
ASSET
REL: 1307 HRS Fletcher Building Limited
ASSET: FBU: Fletcher Building to sell Hudson Building Supplies
Auckland - 16 June 2014
Fletcher Building Limited has entered into a conditional agreement to sell
its building materials distribution business, Hudson Building Supplies, to
HTH Stores Pty Limited in a transaction valued at approximately NZ$20
million.
Hudson Building Supplies is an Australian trade-focused distributor of timber
and building materials with a 16 store network in metropolitan New South
Wales and Queensland. Hudson Building Supplies was acquired as part of the
Crane Group acquisition in 2011.
HTH Stores Pty Limited is a subsidiary of John Danks & Sons Pty Limited,
which is part of the Woolworths Home Improvement Division.
The sale of Hudson Building Supplies follows a review of Fletcher Building's
Australian business portfolio, which determined the business was not core to
its future operations.
The transaction is conditional upon a number of matters, including Australian
Competition and Consumer Commission clearance and may take up to six months
to complete.
Fletcher Building expects to record a significant expense of $11 million in
the financial year ending 30 June 2014, reflecting the difference between the
sale proceeds and asset carrying values together with transaction costs.
For further information contact:
Philip King
Group General Manager,
Investor Relations & Capital Markets
Phone: + 64 9 525 9043
Mobile: + 64 27 444 0203
Ends
End CA:00251627 For:FBU Type:ASSET Time:2014-06-16 13:07:56
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