Steel & Tube to acquire Tata Steel International (Australasia) Ltd (TSIAL)
Steel & Tube Holdings Ltd announces its intention to acquire Tata Steel International Australasia Ltd (TSIAL) on 14 April 2014 for a cash consideration of NZ$27.5million.
TSIAL is a division of the Tata Steel group, one of the world’s largest steel producers, and supplies stainless steel, engineering steels and composite floor decks to the New Zealand and Pacific Island markets.
Steel & Tube CEO Dave Taylor says: “In a year when both companies celebrate their 60th year in business, the acquisition represents an important milestone for both of us. Together we are further strengthening our position as New Zealand’s leading steel distribution company, providing outstanding steel solutions to construction, manufacturing and rural businesses throughout the country.
“TSIAL is an excellent strategic fit for Steel & Tube. Acquiring its established stainless and engineering steel distribution business, alongside its ComFlor manufacturing capability, will ensure continued growth under the long-established and well respected Steel & Tube brand.
“It means that together, we can deliver even more innovative products and offerings to our combined customer base. It’s all about growing, innovating and competing.”
ENDS
About Steel & Tube
Steel & Tube is New Zealand’s leading supplier of steel products and services. It has a nationwide service and distribution network in 40 locations and is listed among the top 50 companies on the New Zealand Stock Exchange by market capitalisation. It caters to numerous sectors across the New Zealand economy including commercial and residential construction, manufacturing, rural and heavy and light engineering. Its product range includes the Hurricane and Atlas brands.
About TSIAL
Tata Steel International (Australasia) Ltd is a division of Tata Steel. In New Zealand, Tata Steel markets the multi-metals product range and services of the Tata Steel group, together with the range of standard and special grade stainless steel products from a range of manufacturers. Principal market sectors include: food and beverages, pulp and paper, mining, chemicals, oil and gas, construction, transport and infrastructure, manufacturing, and marine and general engineering.
For more information contact Diane Robinson, Steel & Tube Communications Manager:
027 569 1919/04 570 3290.