Fletcher Building and Australasian private equity funds could be among buyers for privately-owned Metropolitan Glass, the New Zealand specialist glass manufacturer.
Fletcher, New Zealand“s third lar…
Fletcher Building and Australasian private equity funds could be among buyers for privately-owned Metropolitan Glass, the New Zealand specialist glass manufacturer. Fletcher, New Zealand“s third largest listed company, has expressed interest in buying a glass firm but on 17 May 2006 Metropolitan Glass“ manager and part-owner Andrew Smith said he was “absolutely not able to make any comment” on reports the company was for sale. The Australian media reported 17 May 2006 that private equity firms were looking at Metropolitan Glass and the asking price for the Auckland-based company was AUD 300 million (NZD 367 million). Shares in Metropolitan Glass, one of the largest suppliers of glass to the building industry, are largely owned by directors Smith, John Bedogni and Cameron Gregory. Fletcher Building“s incoming chief executive, Jonathan Ling, said 17 May 2006 that the company was looking for acquisition opportunities among suppliers of construction materials it did not already have exposure to. “At the moment, glass is not a core part of our business,” he said. “We could be looking at glass.” Metropolitan Glass, whose product range includes toughened safety, laminated glass, and IG units, has five manufacturing plants in Auckland, Tauranga and Wellington.