Fletcher Building exits Sims Pacific Metals joint venture

Fletcher Building exits Sims Pacific Metals joint venture Auckland, 29 June 2018: Fletcher Building today announced it had reached agreement to sell its 50 per cent stake in the Sims Pacific Metals joint venture to Sims Metals Management for NZ$42 million. The purchase price is subject to a working capital adjustment which will be finalised post acquisition. Based on current estimates, total proceeds of the divestment are expected to be between NZ$55m and NZ$60m. Sims Pacific Metals was established in 1992 as a 50/50 joint venture between Fletcher Steel and Sims Metals Management. Sims Pacific Metals is New Zealand's largest metal recycling company, operating a number of sites across the country converting scrap metal products into recyclable materials. In line with Fletcher Building's strategy to divest non-core businesses, the decision was made to exit the joint venture and focus the Company's Steel Division operations on its manufacturing and distribution activities. #Ends For further information please contact: MEDIA Leela Gantman Head of Communications +64 27 541 6338 Leela.gantman@fbu.com INVESTORS AND ANALYSTS Rodney Deacon Head of Investor Relations +64 21 631 074 Rodney.deacon@fbu.com End CA:00320134 For:FBU Type:TRANSACT Time:2018-06-29 09:36:42