7/20/2015
Steel & Tube Acquires New Zealand’s MSL
Steel & Tube acquired New Zealand fastener maker Manufacturing Suppliers Ltd.
It was Steel & Tube’s second acquisition in a year.
The NZ$32 million (US$21m) acquisition – NZ$26m in cash and NZ$6m in STU shares – is conditional on due diligence and is expected to close within six weeks.
STU chief executive Dave Taylor told Otago Daily Times that the acquisition meant customers would have access to a wider range of products.
The Manufacturing Suppliers name and Auckland-headquartered Fortress Fasteners brand will continue. MSL is headed by managing director Ian Hart.
Founded in 1980, Fortress Fasteners has 100+ employees and 10,000 product lines. Web: FortressFasteners.co.nz
‘This is all about growing, innovating and competing in a rapidly changing market,’ Taylor said.
In April last year, STU paid NZ$27.5million for stainless steel supplier Tata Steel International Australasia, a division of giant global steel supplier Tata Steel, of India.
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