INDEPENDENT NEWS

Clearance to ITWNZ to acquire Pryda and Reid

Published: Thu 9 Oct 2003 03:57 PM
Media Release
Issued 9 October 2003-04/048
Commission grants clearance to ITWNZ
to acquire Pryda and Reid
The Commerce Commission has cleared an application from ITW New Zealand Limited (ITWNZ) to acquire the assets of Pryda New Zealand (Pryda) and Reid New Zealand (Reid) from Nylex New Zealand Limited. The proposed acquisition is part of a larger Australasian transaction.
Both ITWNZ and Reid provide products and services in the New Zealand concrete industry. ITWNZ trades as Ramset New Zealand and is the largest supplier of fasteners for securing steel and timber components to concrete.
Acting Chair Paula Rebstock said the Commission was satisfied that the proposed acquisition would not have, nor would be likely to have, the effect of substantially lessening competition in the national markets for the supply of general fastening systems, concrete fastening systems and concrete lifting systems.
The Commission was satisfied that the combined entity would face strong competition in the general fastening and the concrete fastening market, and that entry was sufficiently likely in the concrete lifting systems market to provide significant competition to the combined entity.
A public version of the decision will be shortly available on the Commission’s website under Adjudication.
Commission media releases can be viewed on its web site www.comcom.govt.nz

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