NZ's Fletcher Building drops to 1-1/2-year low on potential business divestment loss

Fletcher Building

28/04/2026 04:05

** Shares of New Zealand's Fletcher Building FBU.NZ fall as much as 4.3% to NZ$2.65, their lowest point since September 17, 2024

** Stock hits its biggest intraday pct drop since March 30

** The construction material maker enters into a conditional agreement with United Industries to sell its Fletcher Reinforcing and Wire business for NZ$15.7 million ($9.26 million)

** Expects to recognise loss on sale between NZ$20 million and NZ$23 million

** Says deal to complete by end of CY26

** "We did not see a clear path for it to achieve satisfactory levels of contribution within an acceptable timeframe," says Managing Director and CEO of Fletcher Building, Andrew Reding

** Stock down 26.1%, YTD

($1 = 1.6958 New Zealand dollars)

 (Reporting by Aamir Sheik Khalid in Bengaluru)

 ((Aamir.SheikKhalid@thomsonreuters.com))