13 Nov 2012

Large market seen by Fletcher in India

6:57 am on 13 November 2012

Fletcher Building expects the laminate sector in India to increase 10-fold over the next 20 years.

The company's Indian affiliate, Formica Laminates, has reached an agreement to purchase land, buildings and machinery from the laminate division of Well Pack Papers and Containers.

The deal is worth $8.2 million, and Fletcher Building's general manager of investor relations, Philip King, says the Indian market is larger than America.

The deal should be completed by the end of the year.

Prices paid for shares in parent company Fletcher Building lifted sharply on Monday, by 24 cents to $7.48.