Fletcher Building is close to buying an Australian roading products company.
New Zealand's largest listed company says it has agreed to buy all the shares in Australian Construction Products, which supplies safety barriers and roading products in Australia, and generates more than $A20 million in revenue per year.
No purchase price has been given, but the announcement comes two days after Fletcher Building announced a full year profit of $272 million and said it was looking for possible acquisitions.
Fletcher Building says Australian Construction Products is expected to record significant growth in the medium term.
The deal is still subject to conditions, but is expected to be completed by the 1 September.
Shares in Fletcher Building have fallen 7 cents to $7.36 on Friday.
