Fletcher Secures Crane
“It starts to give us some real critical mass,” Ling continued. “We are the biggest building materials business in Australia and New Zealand.” With Crane under its belt, Fletcher is now bigger than Boral and CSR, and for the first time, the New Zealand-listed company would generate more revenue in Australia than in its home base.
Ling talked of further expansion and outlined a $200 million capital expenditure programme for Formica Southeast Asia, pushing further into China and Malaysia. Fletcher wants to build at least two new high-pressure laminate plants to make products for new hospitals, hotels, supermarkets and fast food chains, including McDonald’s and Starbucks. Ling said that once integration was completed in about two years, Fletcher’s global employee base would rise from 17,000 to just over 21,000.