Finally, some news from troubled Tasmanian construction products giant Fletcher Building (ASX:FBU) with the announcement of the sale of key assets.
Fletcher agreed to sell its Tradelink plumbing and bathroom materials business to Metals Manufacturers, a subsidiary of US-based Blackfriars Corporation.
Blackfriars is known as a very secretive and conservative company, operating in the American structure with interests in electricity, plumbing and plastics.
The value of the sale is 170 million Australian dollars and FBU announces a writedown of 32 million Australian dollars on its results, which will be announced on Wednesday next week.
FBU will obtain a cash payment of A$160 million, payable on the deal date, which is expected to be September 30, 2024. There are no regulatory or other situations that must be met to complete the transaction.
The remaining A$10 million will be a deferred money payment, conditional on the final touch of the separation milestones. The separation is expected to take up to two years and end in September 2026.
In Monday’s statement, FBU said the sale is worth A$170 million on a cash and debt free basis. However, this will be reduced by approximately A$30 million in additional prices: transaction and beaching prices (expected to amount to approximately A$10). million) and separation prices (which are expected to total approximately A$20 million over a period of up to 24 months from completion).
“Based on the expected proceeds from the sale, Fletcher Building expects to record a non-cash impairment rate of the Tradelink business of approximately A$32. 5 million in its FY24 accounts. Once the transaction is completed, it also expects to record a non-cash rate impairment rate of NZ$54 million. Loss resulting from the derecognition of the balance of the foreign currency translation reserve for Tradelink.
Nick Traber, interim CEO of Fletcher Building, said FBU would use the proceeds from the sale to take on debt.
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