Video | Agriculture | Confidence | Economy | Energy | Employment | Finance | Media | Property | RBNZ | Science | SOEs | Tax | Technology | Telecoms | Tourism | Transport | Search

 


Fletcher Building expands laminates business in India

Fletcher Building expands laminates business in India with $8.2M purchase

Nov. 12 (BusinessDesk) - Fletcher Building has agreed to buy a laminates manufacturer in the Indian state of Gujurat for 365 million rupees ($8.2 million) to expand its operations in the sub-continent.

Fletcher’s local affiliate, Formica Laminates (India) Private, will acquire the assets of the decorative laminate manufacturing business of listed Indian manufacturer Well Pack Papers & Containers, it said in a statement. The deal will settle before the end of the year, it said.

“India represents the world’s largest laminate market and by establishing an HPL manufacturing base in the region and leveraging our global capabilities, we have the opportunity to bring a new level of product technology and customer service to the Indian market,” said Paul Zuckerman, chief executive of Fletcher’s laminates & panels division.

The assets being acquired are a three-year-old, 26,000 SQM HPL facility with two presses and room for expansion, Fletcher said. It is located in the West of India, both close to suppliers and with good distribution links to the main markets, it said.

Shares of Fletcher rose 1.1 percent to $7.32 on the NZX and have climbed 18 percent this year.

(BusinessDesk)

© Scoop Media

 
 
 
 
 
Business Headlines | Sci-Tech Headlines

 

Scoop Business: Fletcher To Close Its Christchurch Insulation Plant, Cut 29 Jobs

Fletcher Building, New Zealand’s largest listed company, will close its Christchurch insulation factory, as it consolidates its Tasman Insulations operations in a “highly competitive market”. More>>

ALSO:

Scoop Business: Novartis Adds Nine New Treatments Under Pharmac Deal

Novartis New Zealand, the local unit of the global pharmaceuticals firm, has added nine new treatments in a far-ranging agreement with government drug buying agency, Pharmac. More>>

ALSO:

Crown Accounts: English Wary On Tax Take, Could Threaten Surplus

Finance Minister Bill English is warning the tax take may come in below forecast in the current financial year, as figures released today confirm it was short by nearly $1 billion in the year to June 30 and English warned of the potential impact of slumping receipts from agricultural exports. More>>

ALSO:

Auckland Outage: Power Mostly Restored Overnight

Vector wishes to advise that all but 324 customers have been restored overnight. These customers are spread throughout the network in small pockets. The main St Johns feeder was restored around midnight allowing most of the customers in all affected areas to have power this morning. More>>

ALSO:

Half Empty: Dairy Prices Drop To Lowest Since August 2009

Dairy product prices fell to the lowest level in more than five years in the latest GlobalDairyTrade auction, led by declines in butter milk powder and whole milk powder. More>>

ALSO:

Get More From Scoop

 
 
Standards New Zealand

Standards New Zealand

Mosh Social Media
 
 
 
 
 
 
 
 
Business
Search Scoop  
 
 
Powered by Vodafone
NZ independent news