Fulton Hogan is to purchase Stevenson Construction Materials Ltd and Stevenson Properties Ltd.
These two Stevenson companies own and operate Stevenson’s quarries and concrete plants, laboratory services and associated plant and equipment.
Cos Bruyn, Fulton Hogan’s group chief executive 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 the Auckland and Waikato regions.
“We look forward to welcoming Stevenson’s 200 plus strong workforce to the Fulton Hogan family once the purchase is complete. We thank the Stevenson family for its trust in Fulton Hogan to continue their legacy, and are pleased to retain the Stevenson brand.”
Mark Franklin, chief executive of the Stevenson Group said; “On behalf of multiple generations of the Stevenson family, we thank all our employees and customers for their support over the past 100 years. We are proud that our brand will continue to be part of the Auckland and Waikato landscape for years to come.”
The details and the terms of the sale are confidential, with the sale expected to conclude by July 31. The sale includes Stevenson’s Drury and Huntly quarries, four concrete plants (Penrose, East Tamaki, Takanini and the soon to be commissioned Drury), transport and laboratory businesses.