Fletcher Building sells Aus firm Hudson
Fletcher Building has agreed to sell Australian trade supply company Hudson Building Supplies for $20 million.
In a statement to the NZX, Fletcher said Hudson was bought by Fletcher as part of the 2011 Crane acquisition but was now considered to be "not core to its future operations".
Hudsonhas a 16-store network in New South Wales and Queensland and has been conditionally bought by the Woolworths Home Improvement Division.
The sale requires Australian Competition and Consumer Commission approval and is expected to take up to six months to complete.
Fletcher said it expected to book a $11m significant expense in the 2014 financial year as a result of the sale, accounting for transaction costs and differences between the sale price and asset-carrying value.
Earlier this month Fletcher finalised the sale of another subsidiary, Pacific Steel New Zealand.