Announcements     |   28 September 2001

Sale of Cyclone Rural Business

Fletcher Building Limited today announced the sale of the rural business of the Cyclone operations, a division of Fletcher Steel, to Tru-Test Limited.

The Cyclone rural business, with plants in Auckland and Palmerston North, manufactures and distributes Cyclone fencing products and gates, the Hayes range of products, and other fencing accessories.  The mesh business of Cyclone will remain a part of Fletcher Steel.

The Chief Executive of Fletcher Building, Mr Ralph Waters said "the sale, while only comprising a small part of the Company's steel operations, evidences the continuing drive to exit non core operations where this can be achieved for value".

No loss of jobs is envisaged from this sale to Tru-Test, which will be effective from 1 November 2001.

End

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