Fletcher Building Limited, a diverse publicly owned construction company based in Auckland, New Zealand, has entered into a conditional agreement to sell its electrical products distribution business Corys Electrical to Sonepar SA.
Corys Electrical was acquired by Fletcher Building as part its Crane Group acquisition in 2011. The price for the transaction is approximately US $71.4 million. Fletcher Building sells construction products including concrete, insulation, wallboard, roofing materials and aluminum products across Australasia, Asia, the Americas, Europe, the Middle East and the South Pacific through seven divisions: Building Products, Concrete, Construction, Crane, Distribution, Laminates & Panels and Steel. Fletcher had annual sales of approximately US$145 million.
According to a Fletcher press release, the transaction will take approximately four months to complete. Corys Electrical has sold electrical supplies in New Zealand since the 1920s. Check out next week's edition of Electrical Marketing for more details on this acquisition.