Indian steelmaker
Tata Steel has announced that
New Zealand-based Steel & Tube Holdings Ltd has agreed to acquire
Tata Steel International Australasia Ltd (TSIAL) on April 14, 2014 for a cash consideration of NZ$27.5 million (23,8 million US $).
"In a year when both companies celebrate their 60th year in business, the acquisition represents an important milestone for both of us. Together we are further strengthening our position as
New Zealand's leading steel
distribution company, providing outstanding steel solutions to construction, manufacturing and rural businesses throughout the country," said Steel & Tube CEO Dave Taylor.
TSIAL, based in
New Zealand, is a
distribution business supplying stainless steel, engineering steels and composite floor decks to the
New Zealand and Pacific Island markets.