Fletcher sheds more Crane businesses

Fletcher Building has announced it will sell Corys Electrical to France’s Sonepar SA, shedding another part of Crane Group, which it acquired last year for $800 million in May 2011.

The Australian reports that Crane contributed operating revenue worth $NZ 106 million to a net profit of $NZ 185 million in the first full year that Fletchers owned it.

Fletcher announced in July that it would sell Austral Wright Metals and Mico Metals (both metal importers and both part of Crane) for $NZ70 million.

The conditional deal to sell Corys is worth $NZ 20 million.

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