Northern Steel moves into Wellington area

Press, Volume CXII, Issue 33002, 23 August 1972, Page 17

Northern Steel moves into Wellington area

(New Zealand Press Association) AUCKLAND, August 22. Northern Steel Supplies, Ltd, the Auckland steel fabricators and distributor, at present the subject of a take-over bid, is making a significant expansion move into the Wellington area.

The company has bought all the New Zealand steel operations of Sagma N.Z., Ltd, of Petone, and the total shareholding of Campbell and Williamson, Ltd, also of Petone.

Sagma was previously a British-owned firm and, like Campbell and Williamson, was a steel fabrication and distributing business. Northern Steel, which said the purchases were made "for a considerable sum,” previously concentrated its efforts in the northern half of the island, with bases at Whangarei, Hamilton, and Tauranga, as well as Auckland. It has maintained a small business in Wellington; the

latest expansion will enable it to trade aggressively in a major market. Negotiations on the two purchases were completed the day before the company was advised of a take-over bid by Aqua Securities, Ltd, a private Auckland investment firm. Aqua is offering 200 c a share for Northern Steel stock. Rights market

Last Buy Sell Sale Ballins .. 50 53 52 Broadland . . 42 46 43 Healing _ _ —— 33 33 Mt Cook . . 50 ~—- 58 H. Berry . . 30 -.. 30 W. Neill .. 25 — —