Proposed Closure of the Penrose Hardboard and Softboard Business

Fletcher Building has announced that it is proposing to close the hardboard and softboard business in Auckland.  The plant has had poor financial returns in recent years due to the high exchange rate and reduced export earnings.  Further investment in the plant required to meet environmental standards means the business is no longer viable.

The Company has commenced consultation with the 65 employees affected by the proposed closure.

The closure will not have any adverse ongoing effect on Fletcher Building’s operating earnings.

For further information contact:

Jonathan Ling                 
Chief Executive Officer    
Ph: 649 525 9169          
Mob: 6421 777 703        

David Worley
Chief Executive, Laminex Group
Mob: 61448 409 629