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

 

Watch This Space: Mahia Rocket Lab Launch Site Officially Opened

Economic Development Minster Steven Joyce today opened New Zealand’s first orbital launch site, Rocket Lab Launch Complex 1, on the Mahia Peninsula on the North Island’s east coast. More>>

Earlier:

Marketing Rocks!
Ig Nobel Award Winners Assess The Personality Of Rocks

A Massey University marketing lecturer has received the 2016 Ig Nobel Prize for economics for a research project that asked university students to describe the “brand personalities” of three rocks. More>>

ALSO:

Nurofen Promotion: Reckitt Benckiser To Plead Guilty To Misleading Ads

Reckitt Benckiser (New Zealand) intends to plead guilty to charges of misleading consumers over the way it promoted a range of Nurofen products, the Commerce Commission says. More>>

ALSO:

Half A Billion Accounts, Including Xtra: Yahoo Confirms Huge Data Breach

The account information may have included names, email addresses, telephone numbers, dates of birth, hashed passwords (the vast majority with bcrypt) and, in some cases, encrypted or unencrypted security questions and answers. More>>

ALSO:

Rural Branches: Westpac To Close 19 Branches, ANZ Looks At 7

Westpac confirms it will close nineteen branches across the country; ANZ closes its Ngaruawahia branch and is consulting on plans to close six more branches; The bank workers union says many of its members are nervous about their futures and asking ... More>>

Interest Rates: RBNZ's Wheeler Keeps OCR At 2%

Reserve Bank governor Graeme Wheeler kept the official cash rate at 2 percent and said more easing will be needed to get inflation back within the target band. More>>

ALSO:

Get More From Scoop

 
 
 
 
 
 
 
 
 
Business
Search Scoop  
 
 
Powered by Vodafone
NZ independent news