Tata Steel to sell unit for NZ$27.5 m

Written by fe Bureau | Mumbai | Updated: Apr 9 2014, 09:47am hrs
Tata Steel on Tuesday announced that Steel & Tube Holdings of New Zealand has agreed to acquire Tata Steel International-Australasia (TSIAL) for a cash consideration of NZ$ 27.5 million (R141 crore).

TSIAL is a distribution business supplying stainless steel, engineering steel and composite floor decks to New Zealand and the Pacific Island markets.

As on March 31, 2013, TSIAL had total assets of R258.77 crore and liabilities of R60.20 crore. For the last fiscal, the company reported a turnover of R346.79 crore with net loss of R3.25 crore.

Tata Steel International Australasia is an excellent strategic fit for Steel & Tube. Acquiring its established stainless and engineering steel distribution business, alongside its ComFlor manufacturing capability, will ensure continued growth under the long-established and well respected Steel & Tube brand, said Dave Taylor, chief executive, Steel & Tube Holdings, in a company release.