The purchase will see Fulton Hogan take full ownership of Stevenson’s quarries and concrete plants, transport, laboratory services and associated plant and equipment.
Fulton Hogan Group CEO, Cos Bruyn, said that both companies had similar family values and the purchase would complement the company’s vertical supply chain. It would also provide the company with a long-term supply of quality aggregates to help meet the growing needs of New Zealand’s Auckland and Waikato regions.
“We look forward to welcoming Stevenson’s 200-plus strong workforce to the Fulton Hogan family once the purchase is completed,” said Bruyn. “We thank the Stevenson family for their trust in Fulton Hogan to continue their legacy, and are pleased to retain the Stevenson brand.”
The sale is expected to conclude by 31 July 2018 and includes Stevenson’s Drury and Huntly quarries, four concrete plants, transport and laboratory business.