Fortuna takes on ACT subsidiary

Press, 19 July 1988, Page 22

Fortuna takes on ACT subsidiary

PA Wellington Fortuna Corporation has expanded its house building business in Australia by taking over a subsidiary of ACI Australia for. an undisclosed amount.

The purchase, through Fortuna’s wholly owned subsidiary, ATCO Industries (Aust.) Pty, involves the plants and sales bases of ACI Homes in Wagga Wagga and Tamworth, New South Wales.

Announcing the deal yesterday, Fortuna said it also included existing contracts for the construction

of houses for a big retirement village on Queensland’s Gold Coast, at Runaway Bay. Fortuna said ATCO, with six factories and 500 employees, was Australia’s leading manufacturer of portable and prefabricated buildings. The ACI Homes deal was likely to increase ATCO’s turnover in the first full year by about sAustl4 million (SNZI6M), on top of sAustBBM in the year to last March 31, the company predicted. Combining ATCO and ACI Homes gave more

scope for the business. For example, a transportable concrete flooring system now owned by ACI Homes would be of benefit to many ATCO clients. . The deal gave ATCO a strong base for x making and selling transportable housing in New South Wales, complementing its activities in South Australia, Victoria, and Queensland. Fortuna’s other main subsidiaries are Ronstan International, a marine products business in Australia, and Commodore Computer Corporation, listed in New Zealand.