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.

(BusinessDesk)

© Scoop Media

 
 
 
 
 
Business Headlines | Sci-Tech Headlines

 

By May 2018: Wider, Earlier Microbead Ban

The sale and manufacture of wash-off products containing plastic microbeads will be banned in New Zealand earlier than previously expected, Associate Environment Minister Scott Simpson announced today. More>>

ALSO:

Snail-ier Mail: NZ Post To Ditch FastPost

New Zealand Post customers will see a change to how they can send priority mail from 1 January 2018. The FastPost service will no longer be available from this date. More>>

ALSO:

Property Institute: English Backs Of Debt To Income Plan

Property Institute of New Zealand Chief Executive Ashley Church is applauding today’s decision, by Prime Minister Bill English, to take Debt-to-income ratios off the table as a tool available to the Reserve Bank. More>>

ALSO:

Divesting: NZ Super Fund Shifts Passive Equities To Low-Carbon

The NZ$35 billion NZ Super Fund’s NZ$14 billion global passive equity portfolio, 40% of the overall Fund, is now low-carbon, the Guardians of New Zealand Superannuation announced today. More>>

ALSO:

Split Decision - Appeal Planned: EPA Allows Taranaki Bight Seabed Mine

The Decision-making Committee, appointed by the Board of the Environmental Protection Authority to decide a marine consent application by Trans-Tasman Resources Ltd, has granted consent, subject to conditions, for the company to mine iron sands off the South Taranaki Bight. More>>

ALSO: