17 Jul 2015

Steel firm buys Manufacturing Suppliers

2:00 pm on 17 July 2015

Steel & Tube Holdings is purchasing a fastenings firm for $32 million.

The steel products firm will buy Manufacturing Suppliers, which it says is one of the largest fastenings businesses in the country and includes the Fortress brand.

It marks Steel & Tube's second acquisition in about a year, after it bought Tata Steel Australasia.

The firm will pay $26 million in cash, and $6 million in Steel & Tube shares.

Steel & Tube chief executive Dave Taylor said it was a fair price for the business.

"MSL's got a strong brand .... Fortress is recognised as a pre-eminent brand."

The deal is expected to be settled within the six weeks.

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