Fulton Hogan has signed an agreement to purchase Stevenson Construction Materials business.
The purchase will see Fulton Hogan take full ownership of Stevenson’s quarries and concrete plants, transport, laboratory services, plant and equipment.
More than 200 Stevenson staff will also become Fulton Hogan employees.
Fulton Hogan chief executive Cos Bruyn says both companies have similar family values.
The deal will provide Fulton Hogan with a long-term supply of aggregates to help meet the growing demands of the Auckland and Waikato regions.
“We look forward to welcoming Stevenson’s strong workforce to the Fulton Hogan family once the purchase is completed.
“We thank the Stevenson family for their trust in Fulton Hogan to continue their legacy, and are pleased to retain the Stevenson brand,” Bruyn says.
The sale involves a confidential sum and is expected to conclude by July 31 this year. It includes Stevenson’s Drury and Huntly quarries, four concrete plants (in Penrose, East Tamaki, Takanini and the soon to be commissioned Drury), transport and laboratory businesses.
