14 Feb 2009

Masonry purchase approved

10:59 am on 14 February 2009

The Commerce Commission has given Fletcher Building approval to purchase up to 100% of two masonry businesses owned by Stevenson Group.

The commission noted that Stevenson had said that it would have to close the Auckland and Northland-based businesses if the acquisition did not proceed.

Chair Paula Rebstock, says she's satisfied the deal will not have the effect of lessening competition in both areas for masonry products.

She also noted that markets for masonry products are in decline, saying Stevenson had been running at a significant loss.