Steel & Tube,
New Zealand's largest distributor of steel and steel products disclosed that it has conditionally agreed to purchase
New Zealand Fasteners
Stainless Group (NZFSG) for about $11 million.
The purchase, which is subject to due diligence, will be effective from April 3.
Steel & Tube CEO Nick Calavrias said “NZFSG, which employs 80 people at eight regional locations, will help Steel & Tube expand its
stainless steel arm.”
Steel & Tube, half-owned by
Australia's OneSteel, first listed on the
New Zealand Stock Exchange in 1967 and is ranked in the top 30 companies by market capitalization.