Fletcher sells Roof Tile Group for US$39M

Thu, 01 Nov 2018

By Paul McBeth Nov. 1 (BusinessDesk) - Fletcher Building has sold its Roof Tile Group business to Canada's IKO group for US$39 million and expects to exit its Formica laminated panels business this financial year. The sale was below Roof Tile's carrying value, meaning Fletcher will book a non-cash loss of $15 million to $20 million. However, the firm said this won't impact its underlying earnings outlook. "The sale is in-line with Fletcher Building’s five-year strategy to divest our international operations to focus our capital and c...

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