Steel & Tube buys fastener manufacturer MSL for $32 mln

Thu, 16 Jul 2015

By Paul McBeth July 17 (BusinessDesk) - Steel & Tube Holdings, the country's biggest steel distribution company, has agreed to buy fastener maker Manufacturing Suppliers for $32 million in a cash and scrip deal. The Petone-based company will pay $26 million in cash and $6 million in shares for Auckland-based MSL, which is best known for its Fortress Fasteners brand. Steel & Tube will keep the Fortress Fasteners brand and operate the business under the Manufacturing Suppliers name, it said in a statement. "This is all about growing, inn...

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