April 16, 2018 / 9:05 PM / in 9 months

NZ's Fletcher to divest Formica and Roof Tile businesses

April 17 (Reuters) - New Zealand’s Fletcher Building Ltd on Tuesday said it will divest its Formica and Roof Tile Group businesses as part of its strategic review and maintained its 2018 guidance.

The struggling builder said it would solely focus on business in New Zealand and Australia, with the spin-off of the Formica and Roof Tile Group, and added it will undertake an entitlement offer to raise NZ$750 million ($552 million).

Fletcher maintained its estimate for earnings before tax estimate of NZ$680 million - NZ$720 million for the full year. ($1 = 1.3589 New Zealand dollars) (Reporting by Chandini Monnappa in Bengaluru Editing by Hugh Lawson)

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