Fletcher to close Australian copper tube manufacturing unit at $19M cost

Wed, 24 Sep 2014

By Tina Morrison Sept. 24 (BusinessDesk) - Fletcher Building, New Zealand's largest listed company, will close its unprofitable Crane copper tube manufacturing business in Australia amid increased competition. The building company acquired the business when it took over the publicly listed Australian plumbing supply chain and plastic piping company Crane Group in early 2011 in a deal valued at $1.2 billion. Exiting the business will result in a $19 million expense in the current financial year ending June 30, 2015, the Auckland-based comp...

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