New Zealand's Steel & Tube Holdings Ltd will acquire a unit of Tata Steel based in the island nation for NZD 27.5 million (over Rs 140 crore).
"Steel & Tube has agreed to acquire Tata Steel International (Australasia) Ltd for a cash consideration of NZD 27.5 million on April 14," Tata Steel said in a statement today.
Tata Steel International (Australasia) Ltd (TSIAL) supplies stainless steel, engineering steels and composite floor decks to the New Zealand and Pacific Island markets, the company said. It also offers ex-mill sales of colour-coated and packaging steels, railway tracks and structural sections.
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Steel & Tube, a supplier of steel products and services, is among the top 50 companies on the New Zealand Stock Exchange by market capitalisation.
"TSIAL is an excellent strategic fit for Steel & Tube. Acquiring its established stainless and engineering steel distribution business...Will ensure continued growth under the long-established and well respected Steel & Tube brand," company CEO Dave Taylor said in a statement on its website.
He termed the acquisition "an important milestone" for Steel & Tube, which is in 60th year of business.
"It means that together, we can deliver even more innovative products and offerings to our combined customer base. It's all about growing, innovating and competing," Taylor said.
