S&T confirms MSL acquisition

TUESDAY, AUGUST 4, 2015

S&T confirms MSL acquisition

Steel & Tube Holdings Ltd has completed its acquisition of the business of Manufacturing Suppliers Ltd, also known as Fortress Fasteners, and its related companies.

S&T CEO Dave Taylor said: “Our acquisition of MSL is consistent with our dual strategy of consolidating our position in existing markets and growth through acquisitions.

“In acquiring MSL we can further extend the business as New Zealand’s pre-eminent fastenings company, providing expertise and a wider range of specialist steel knowledge and solutions to all sectors of the NZ economy.

“This is good news for our people, our customers and our shareholders. Our customers will benefit from an S&T stable of best-in-class companies with an extended product offering and combined purchasing power.

“MSL enjoys a strong following within the manufacturing and building industry backed by a recognisable brand and a breadth of marketing expertise. It’s a good fit for both companies and we’re looking forward to taking our business to a new level.”

MSL began in Grey Lynn in 1980 and is one of the largest fastenings companies in New Zealand with eight branches nationwide, employing around 100 people. Its iconic Fortress brand was introduced in 1997 and has become a market leader.

It will be business as usual for MSL which will continue to operate under its own brand from all of its existing locations.

The consideration was $32 million. Of this amount, $26 million was paid in cash and $6 million was paid by issuing 2,103,786 Steel & Tube shares to the vendor.

Ends

© Scoop Media