Fletcher Building to Sell Australian Plumbing Business Tradelink Following Disappointing Results

Australia: Fletcher Building, listed on the Australian and New Zealand stock exchanges, has announced plans to sell its Australian-based plumbing business, Tradelink, following disappointing financial results. A comprehensive review led to a USD $122 million non-cash impairment and write-down of Tradelink's value. Fletcher Building CEO Ross Taylor stated that although there is a compelling opportunity for Tradelink, its continued ownership does not align with Fletcher's strategic objectives. Consequently, a divestment process for Tradelink will begin soon. The announcement comes as Fletcher reported a net loss of USD 73.2 million for the latest half-year, contrasting with a net profit of USD 56.12 million in the previous period. 

Source: 9News