3 Sep 2012

Fletcher to sell electrical products business

11:27 am on 3 September 2012

Fletcher Building has agreed to sell Corys Electrical, an electrical products distribution business, for nearly $20 million to Sonepar, a firm owned by a French family.

Corys, which is based in New Zealand, was acquired by Fletcher Building as part of a $1 billion purchase of the Crane Group in Australia last year.

once the sale is complete, Fletcher Building says it will have made almost $90 million in total from selling Corys and two of Crane's metals distribution businesses, Austral Wright Metals and Mico Metals.

Sonepar is a global distributor of electrical products, employing 33,000 people in 35 countries, with revenues in excess of 15 billion euro.

The sale may take up to four months to complete.

Fletcher Building's share price was unchanged at $6.65 per share on Monday.