STU
25/08/2015 08:37
ASSET
NOT PRICE SENSITIVE
REL: 0837 HRS Steel & Tube Holdings Limited
ASSET: STU: S&T to acquire the assets of Canterbury-based Aquaduct NZ
Steel & Tube Holdings Ltd has entered into an agreement to acquire the assets
of Canterbury-based Aquaduct NZ Ltd and Bosch Irrigation Ltd.
Aquaduct, which went into receivership in April, specialises in large bore
long length polyethylene pipe. In 2014 it won an innovation award for its
transportable 'pop-up' pipe factory - a world first. It also supplied over 80
kms of polyethylene pipe to the Valetta irrigation scheme conversion on the
Canterbury Plains.
The proposed Aquaduct acquisition follows that of the Tata stainless steel
business in April 2014 and MSL on August 3.
S&T CEO Dave Taylor says: "S&T is New Zealand's leading steel distributor,
providing steel solutions to key projects around the country. In addition S&T
is a key supplier of reticulation products and this acquisition will further
enhance this capability.
"We see Aquaduct as a great company with an innovative and exciting product
offering that complements our core business. Combining the well-established
S&T brand and Aquaduct's innovation will enrich our overall product offering,
taking both companies into new and exciting territory."
The consideration for the acquisition is approximately $8m in cash. The
transaction is conditional on normal pre-completion matters and S&T expects
completion to occur within the next month.
The acquisition will continue to see Aquaduct operating as a separate entity,
its name and branding unchanged.
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 56 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 Hurricane, Atlas, Fortress and
ComFlor brands.
About Aquaduct NZ Ltd
Aquaduct are 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 Aquaduct
pipe factory, designed to be relocatable is a world first. The company
employs approximately 30 people.
For more information call: Diane Robinson, S&T Communications Manager: 027
569 1919
End CA:00268997 For:STU Type:ASSET Time:2015-08-25 08:37:08
A personalised tool to help users track selected stocks. Delivering real-time notifications on price updates, announcements, and performance stats on each to help make informed investment decisions.
