UPDATE: Steel & Tube buys fastener distributor MSL for $32 mln, shares rise

Fri, 17 Jul 2015

(Adds CEO, broker comment, share price, fixes MSL business descriptor) By Paul McBeth July 17 (BusinessDesk) - Steel & Tube Holdings rose after the country's biggest steel distribution company said it's agreed to buy fastener distributor 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, which Steel & Tube will keep, along with continuing to operate the business unde...

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