Fletcher sells stake in metal recycling JV for $42M as it sheds non-core assets

Thu, 28 Jun 2018

By Sophie Boot June 29 (BusinessDesk) - Fletcher Building is selling its stake in metal recycling company Sims Pacific Metals for $42 million as part of its new strategy to refocus on core businesses. The half-share will be sold to its partner in the Sims Pacific joint venture, Sims Metals Management, Fletcher said, and total proceeds are expected to be between $50 million and $60 million as the purchase price is "subject to a working capital adjustment which will be finalised post acquisition". The joint venture was established in 1992 a...

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