ACQUISITION: Steel & Tube To Buy NZ Fasteners Group

Jason Sandefur

New Zealand-based Steel & Tube Holdings Ltd. signed an agreement to buy fastener and construction products distributor New Zealand Fasteners Group for an estimated NZ $11 million (US$7.4 million). CEO Nick Calavrias said the deal offered the company a further avenue for expansion. Expected to be finalized in March, the sale will add about 80 employees and eight locations to Steel & Tube”s business.
Steel & Tube already owns a fastening systems operation with six locations. The current business stocks a range of metal fasteners for the construction and manufacturing industries.
Steel & Tube recorded a 3% sales increased to NZ 222.8 million (US$149.5 million) during the first six months of fiscal 2006, while net income dipped 10% to NZ 17.68 million (US$11.87 million).
Steel & Tube is New Zealand”s largest distributor of steel and allied products. \ �2006 FastenerNews.com