Sonepar SA has entered into an agreement to purchase Fletcher Building’s New Zealand business, Corys Electrical. The sale is expected to take up to four months to complete.
Fletcher, a construction and building materials giant, acquired Corys when it bought Australia’s Crane Group for $1.2 billion last year.
This follows the $70 million sale in July of Crane’s Austral Wright Metals and Mico Metals to AW Distribution and Wakefield Metals, respectively.
Some analysts are now questioning as to whether Fletcher would look to sell another New Zealand company under the Crane umbrella – the plumbing and electrical wholesaler MasterTrade.
Corys Electrical is a nation-wide distributor of electrical products and services to electrical contractors, industrial users and government. Corys Electrical is a well known company with a history in the electrical industry dating back to the 1920’s
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