Steel & Tube Holdings Ltd has agreed to acquire the assets of Canterbury-based Aquaduct NZ Ltd and Bosch Irrigation Ltd.
Aquaduct, which went into receivership in April, specialises in a large bore long length polyethylene pipe. In 2014, it won an innovation award for its transportable ‘pop-up’ pipe factory – the world first. It also supplied over 80 km of polyethylene pipe to the Valetta irrigation scheme conversion on the Canterbury Plains.
The proposed Aquaduct acquisition follows that of the Tata stainless steel business in April 2014 and MSL on August 3.
“S&T is New Zealand’s leading steel distributor, providing steel solutions to key projects around the country,” says chief executive officer Dave Taylor.
“We are a key supplier of reticulation products and this acquisition will further enhance this capability,” says Taylor.
“We see Aquaduct as a great company with an innovative product offering that complements our core business.
“Combining the well-established S&T brand and Aquaduct’s innovation will enrich our overall product offering,” says Taylor.
The consideration for the acquisition is approximate $8m in cash. S&T expects completion to occur within the next month.
Aquaduct will continue operating as a separate entity after the acquisition, its name and branding unchanged.
