Fletcher Building sells Roof Tile Group

Company News

by Rachael Jones

Fletcher Building (ASX:FBU) has sold international roofing products manufacturer Roof Tile Group for US$39 million (NZ$59.8 million).

It has been sold as a single entity to Canadian roofing company IKO, effective today.

The sale is in-line with Fletcher Building’s five year strategy to divest international operations to focus on New Zealand and Australian businesses.

Roof Tile Group is a manufacturer and distributor of metal roof tiles, operating under the Gerard and Decra brands. It manufactures in four countries, and sells products globally.

Shares in Fletcher Building (ASX:FBU) are trading 3.23 per cent lower to $5.39