Auckland, 29 July 2016 - Fletcher Building Limited (Fletcher Building)
announces it has completed the transaction to acquire New Zealand and Fiji
road construction and maintenance business Higgins for a purchase price of
NZ$303 million.
The businesses acquired as part of this transaction comprise principally:
o Higgins'' road construction and maintenance operations in New Zealand,
including asphalt and bitumen plants
o Road construction and maintenance operations in Fiji
o Higgins'' aggregates business (excluding the Horokiwi Quarry, a Wellington
based joint-venture)
o Other related businesses including the manufacture of traffic signs,
bitumen tanks and sprayers
Higgins'' ready-mix concrete and property businesses are excluded from the
transaction which has been cleared by all relevant New Zealand and Fijian
regulatory authorities.
Ends
For further information contact:
Investors
Philip King
Group General Manager
Investor Relations & Capital Markets
Phone: + 64 9 525 9043
Mobile: + 64 27 444 0203
Email: philip.king@fbu.com
Media
Shannon Huse Caldwell
External Communications Manager
Phone: +64 9 525 9085
Mobile: +64 27 807 2933
Email: shannon.husecaldwell@fbu.com
About Fletcher Building
Fletcher Building is an integrated manufacturer and distributor of
infrastructure and building products, and a construction company. From the
smallest grain of sand to projects of great scale, we make, deliver and build
to improve infrastructure, build communities and strengthen economies. We
have 20,000 people working in 33 business groups in 40 countries. For more
visit www.fbu.com
About Higgins
Higgins (New Zealand and Fiji) is an integrated civil construction and
infrastructure product contractor. It is the third largest participant in the
New Zealand road construction and maintenance sector. The business has had a
strong growth trajectory in recent years, driven by the expansion of its base
from the lower North Island into the Auckland, Waikato, Bay of Plenty and
Canterbury regions. This has been augmented by strong growth in its Fiji
operations, where two major contracts have been won.
End CA:00286463 For:FBU Type:ASSET Time:2016-07-29 15:31:56