NZ deal to buy Aussie steel firm
Posted
A New Zealand company has signed a conditional deal to buy the Adelaide-based steel manufacturer Fielders Australia.
The Australian company is jointly owned by Hills Industries and FSR Investments.
Hills says it expects to reap about $105 million by selling its 60 per cent share to Fletcher Building.
The agreement needs approval from the Australian Competition and Consumer Commission and the Foreign Investment Review Board.
Fielders employs 890 people across Australia and has annual sales of about $275 million.
