Builders' union stunned by Fletcher's poor financial state
The union representing building workers says it's stunned by Fletcher Building's announcement yesterday it will no longer bid for a role in major construction projects. Expected losses from its building and interior division have now blown out to $660 million, quadruple what it forecast in October. That will take the total losses from the division in the past two years to nearly $1 billion. The E Tu union's construction co-ordinator, Ron Angel, told RNZ reporter Conan Young the company's situation almost defies belief.