Press Release – Fletcher Building
Higgins Acquisition Completed
Auckland, 29 July 2016 – Fletcher Building Limited (Fletcher Building) announces it has completed the transaction to acquire New Zealand and Fiji road construction and maintenance business Higgins for a purchase price of NZ$303 million.
The businesses acquired as part of this transaction comprise principally:
· Higgins’ road construction and maintenance operations in New Zealand, including asphalt and bitumen plants
· Road construction and maintenance operations in Fiji
· Higgins’ aggregates business (excluding the Horokiwi Quarry, a Wellington based joint-venture)
· Other related businesses including the manufacture of traffic signs, bitumen tanks and sprayers
Higgins’ ready-mix concrete and property businesses are excluded from the transaction which has been cleared by all relevant New Zealand and Fijian regulatory authorities.