Steel & Tube to buy NZ Fasteners Stainless Group
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.
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