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MiTek application to acquire Pryda & Reid declined

Commission declines clearance application for MiTek to acquire Pryda and Reid

The Commerce Commission has declined a clearance application from MiTek New Zealand Limited to acquire the assets of Pryda New Zealand and Reid New Zealand, which are operating divisions of Nylex New Zealand Limited.

Acting General Manager Geoff Thorn said that the Commission could not be satisfied that the proposed acquisition would not have, nor would be likely to have, the effect of substantially lessening competition in the market for software supported connector plates.

“The Commission identified a number of relevant markets. The majority of these markets did not raise any competition concerns as there was considered to be sufficient existing or potential competition in each market.

“In the market for software supported connector plates, however, the Commission considered that due to the lack of existing or potential competition in this market it could not be satisfied that a substantial lessening of competition could not occur.”

The Commission’s written decision on the application will be available soon on the Commission’s website, www.comcom.govt.nz, under Adjudication.

Background The participants operate in the Australasian structural building components industry.

MiTek is part of an international group of companies that manufactures and distributes fasteners, bracing, brackets, special structural products and machinery.

Pryda and Reid are both operating divisions of Nylex (New Zealand) Limited. Pryda develops and markets manufacturing systems, equipment and timber connectors for roof truss, floor truss and wall frame prefabrication and timber jointing systems. Reid operates a concrete fastening business.

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