CSR NZ, Brickworks seek merger in face of NZ building downturn

Mon, 03 Sep 2012

Sept. 4 (BusinessDesk) – The New Zealand unit of Australian building materials company CSR has sought antitrust clearance to merge its bricks business with that of smaller rival Brickworks Building Products (NZ), saying demand has “plummeted” while costs are higher and both have surplus capacity. The two companies are proposing a 50-50 joint venture. Brickworks had $13.3 million of annual sales in the year ended March 31, 2010, while CSR Building Products (NZ) had sales of $60.9 million in the year ended March 31, 2012, its accounts show. The...

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