17 Jun 2022

GIB crisis: Little faith in change after meeting with Fletcher

From Checkpoint, 5:25 pm on 17 June 2022

One of Fletcher Building's toughest critics has little faith anything will change after a crisis meeting with the GIB giant today.

KiwiSaver provider and social housing backer, Simplicity Living, sacked Fletchers as its plasterboard supplier because of massive product shortages that are crippling some businesses.

Instead its going to import plasterboard. Fletcher has an effective monopoly on the market, but blames record building activity and hoarding for supply problems saying it's working 24/7 to make the stuff.

Simplicity also holds about $35 million of Fletcher's shares on behalf of its clients and along with the Shareholders Association met with the company to express their concerns.

Managing Director of Simplicty Living Shane Brealey talks to Lisa Owen.