Fletcher Building's incoming boss reveals 'deep dive' review and $180m cost cutting

Incoming managing director Andrew Reding led Fletcher Building's investor call on Monday. (Image: Fletcher Building)

Mon, 23 Sep 2024

Fletcher Building’s incoming boss Andrew Reding has revealed plans for a “deep dive” strategic review of the struggling building giant with costs to be slashed by $180 million. The dual-listed building materials and construction giant has announced a $700 million capital raise to ease its pressured balance sheet and remove the onus to undertake asset sales when the market is weak. About $678m will be used to pay down debt with $22m to be spent on fees and expenses for the raise. After the equity raise, net debt would...

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