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


Fletcher executive Worley leaves as Crane brought in-house

Fletcher executive Worley leaves as underperforming Crane unit brought in-house

April 10 (BusinessDesk) - Fletcher Building executive Dave Worley has left the country's biggest listed company after the Crane unit he was responsible for was folded into the parent.

The Auckland-based company will disestablish Crane, which has been operating as a separate group since its takeover two years ago, in a bid to better align the construction firm's units, Fletcher said in a statement. Worley, who has previously headed Fletcher's distribution and laminex decisions before leading Crane, decided to leave as a result of the restructure.

Fletcher bought the Australian pipe manufacturer and distribution company in early 2011 for $1.2 billion in cash and scrip with the aim of diversifying Australian earnings, though it was the worst performing unit in the first half of the current financial year.

Crane's Iplex Pipelines and Crane Copper Tube will now report Fletcher's infrastructure products, bringing pipe and tube units under one umbrella, while the plumbing distribution business Tradelink will report to chief executive Mark Adamson directly.

The shares rose 0.6 percent to $8.55 today, and have gained 3.1 percent this year.


© Scoop Media

Business Headlines | Sci-Tech Headlines


Postnatal Depression: 'The Thief That Steals Motherhood' - Alison McCulloch

Post-natal depression is a sly and cruel illness, described by one expert as ‘the thief that steals motherhood’, it creeps up on its victims, hiding behind the stress and exhaustion of being a new parent, catching many women unaware and unprepared. More>>


DIY: Kiwi Ingenuity And Masking Tape Saves Chick

Kiwi ingenuity and masking tape has saved a Kiwi chick after its egg was badly damaged endangering the chick's life. The egg was delivered to Kiwi Encounter at Rainbow Springs in Rotorua 14 days ago by a DOC worker with a large hole in its shell and against all odds has just successfully hatched. More>>


Trade: Key To Lead Mission To India; ASEAN FTA Review Announced

Prime Minister John Key will lead a trade delegation to India next week, saying the pursuit of a free trade agreement with the protectionist giant is "the primary reason we're going" but playing down the likelihood of early progress. More>>



MYOB: Digital Signatures Go Live

From today, Inland Revenue will begin accepting “digital signatures”, saving businesses and their accountants a huge amount of administration time and further reducing the need for pen and paper in the workplace. More>>

Oil Searches: Norway's Statoil Quits Reinga Basin

Statoil, the Norwegian state-owned oil company, has given up oil and gas exploration in Northland's Reinga Basin, saying the probably of a find was 'too low'. More>>


Modern Living: Auckland Development Blowouts Reminiscent Of Run Up To GFC

The collapse of property developments in Auckland is "almost groundhog day" to the run-up of the global financial crisis in 2007/2008 as banks refuse to fund projects due to blowouts in construction and labour costs, says John Kensington, the author of KPMG's Financial Institutions Performance Survey. More>>


Health: New Zealand's First ‘No Sugary Drinks’ Logo Unveiled

New Zealand’s first “no sugary drinks logo” has been unveiled at an event in Wellington... It will empower communities around New Zealand to lift their health and wellbeing and send a clear message about the damage caused by too much sugar in our diets. More>>


Get More From Scoop

Search Scoop  
Powered by Vodafone
NZ independent news