Fletcher Building sells Australian quarry for $85m profit
As it appeared in 
New Zealand’s largest company Fletcher Building has sold an Australian quarry for a A$77million (NZ$85m) profit.
The construction firm announced in August it was selling AusRocla Quarry Products to Hanson Construction Materials, which is owned by German multinational Heidelberg Cement.
Fletcher Building announced to the New Zealand stock exchange on Friday the sale was completed following clearance from the Australian Competition and Consumer Commission and the Foreign Investment Review Board.
Hanson paid Fletcher Building A$150m for the quarry.
Fletcher Building received a further A$44m for the sale of quarry assets not included in the transaction with Hanson, taking the total received for the entire quarry business to A$194m.
Fletcher Building shares were trading down 2 cents at $6.89 in Friday afternoon trading.
The $85m profit will be included in the financial results for the year ending June 30.
The sale does not affect the ownership of Fletcher Building’s Rocla Pipes & Concrete Products or GBCWinstone businesses.