Tata Steel on Tuesday informed BSE that Steel & Tube Holdings of New Zealand has agreed to acquire Tata Steel International (Australasia) Ltd (TSIAL) on April 14, 2014 for a cash consideration of NZ$ 27.5 million (or Rs. 141 crore).
Tata Steel International (Australasia) based in New Zealand, is a distribution business supplying stainless steel, engineering steels and composite floor decks to the New Zealand and Pacific Island markets. In New Zealand, the company operates from 8 regional locations and offers its local and international customers with a comprehensive supply chain management service for steel, stainless steel, and associated products and services. As a division within Tata Steel Group, it also offers ex-mill sales of colour coated and packaging steels, railway tracks, and structural sections.
Tata Steel International Australasia Ltd. 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 at Steel & Tube Holdings said in a company release.