NZ's Fletcher Building to address plumbing issues in Western Australia homes (updated)

Fletcher Building

30/08/2024 03:26

(Adds further details in paragraphs 2,3 and 4)
       Aug 30 (Reuters) - New Zealand's Fletcher Building
 FBU.NZ  said on Friday its unit and the Western Australian
government reached an agreement to address the plumbing failures
in some of the Western Australia homes built using the company's
product, Typlex Pro-Fit pipe.
     Fletcher's unit, Iplex Pipelines Australia (Iplex AU), and
the Western Australian (WA) government will jointly bear the
direct cost of the programme, with the government's contribution
of 20% capped at A$30 million ($20.38 million). 
     The unit will offer all relevant WA homeowners the supply
and installation of a leak detector unit, free of charge, which
provide early alerts and reduce impact in the event of a
plumbing failure.
     The Western Australian government said it will extend the
time for affected homeowners to lodge complaints relating to the
pipe plumbing failures only with its building commissioner from
6 years post completion to 15 years post completion. 
    Fletcher will record a provision of about A$155 million  in
its fiscal 2025 results if the agreement is finalised, it said.



($1 = 1.4721 Australian dollars)

 (Reporting by John Biju & Sherin Sunny in Bengaluru; Editing by
Rashmi Aich)
 ((John.Biju@thomsonreuters.com;))