Indian steelmaker Tata Steel has announced that New Zealand-based Steel & Tube Holdings Ltd has agreed to acquire Tata Steel International Australasia Ltd (TSIAL) on April 14, 2014 for a cash consideration of NZ$27.5 million (23,8 million US $).
"In a year when both companies celebrate their 60th year in business, the acquisition represents an important milestone for both of us. Together we are further strengthening our position as New Zealand's leading steel distribution company, providing outstanding steel solutions to construction, manufacturing and rural businesses throughout the country," said Steel & Tube CEO Dave Taylor.
TSIAL, 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.
