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


S&T confirms MSL acquisition


S&T confirms MSL acquisition

Steel & Tube Holdings Ltd has completed its acquisition of the business of Manufacturing Suppliers Ltd, also known as Fortress Fasteners, and its related companies.

S&T CEO Dave Taylor said: “Our acquisition of MSL is consistent with our dual strategy of consolidating our position in existing markets and growth through acquisitions.

“In acquiring MSL we can further extend the business as New Zealand’s pre-eminent fastenings company, providing expertise and a wider range of specialist steel knowledge and solutions to all sectors of the NZ economy.

“This is good news for our people, our customers and our shareholders. Our customers will benefit from an S&T stable of best-in-class companies with an extended product offering and combined purchasing power.

“MSL enjoys a strong following within the manufacturing and building industry backed by a recognisable brand and a breadth of marketing expertise. It’s a good fit for both companies and we’re looking forward to taking our business to a new level.”

MSL began in Grey Lynn in 1980 and is one of the largest fastenings companies in New Zealand with eight branches nationwide, employing around 100 people. Its iconic Fortress brand was introduced in 1997 and has become a market leader.

It will be business as usual for MSL which will continue to operate under its own brand from all of its existing locations.

The consideration was $32 million. Of this amount, $26 million was paid in cash and $6 million was paid by issuing 2,103,786 Steel & Tube shares to the vendor.


© Scoop Media

Business Headlines | Sci-Tech Headlines


Forest And Bird: Misinformation Circulating On Biodiversity Policy

Forest & Bird is concerned at misinformation circulating regarding a policy statement aimed at protecting New Zealand’s unique biodiversity. The National Policy Statement for Indigenous Biodiversity is being consulted on by the ... More>>


NIWA: Scientists Say Methane Emitted By Humans ‘vastly Underestimated’

NIWA researchers have helped unlock information trapped in ancient air samples from Greenland and Antarctica that shows the amount of methane humans are emitting into the atmosphere from fossil fuels has been vastly underestimated... More>>


SMC Expert Reaction: Record Dry Spells And Effects On Forests

With no rain forecast before Sunday, Auckland is about to break a record for the city's longest dry spell. Niwa says Auckland is likely to hit 40 consecutive days without rain this weekend . The upper North Island is seeing severe meterological ... More>>


Reserve Bank: Official Cash Rate Remains At 1.0 Percent

The Monetary Policy Committee has decided to keep the Official Cash Rate (OCR) at 1.0 percent. Employment is at or slightly above its maximum sustainable level while consumer price inflation is close to the 2 percent mid-point of our target range. ... More>>


Science Media Centre: Novel Coronavirus Detected In China – Expert Reaction

The virus was detected after more than 40 people were hospitalised with pneumonia in Wuhan City, China and the outbreak traced to a large animal and seafood market. The Centers for Disease Control and Prevention reports that person-to-person transmission ... More>>


NZ First: Launch Of Parliament Petition To Remove Aluminium Dross

This afternoon to a crowd of over 100 people in Mataura -- Mark Patterson, New Zealand First List MP based in Clutha-Southland launched a parliamentary petition regarding the aluminium dross issue in Mataura, Southland. The petition asks that the House ... More>>