CMA acquires New Zealand business

Archiv – Australian recycler CMA says it has completed its acquisition of the business and assets of scrap metal recycling and trading company Cableco Metal Industries in Hamilton, New Zealand. Australia | Australian recycler CMA says it has completed its acquisition of the business and assets of scrap metal recycling and trading company Cableco Metal Industries in Hamilton, New Zealand.
A total of NZ$5.5 million (US$ 4.1 million) was paid in relation to the Cableco acquisition, comprising NZ$3 million in cash and NZ$2.5 million in fully paid ordinary shares in CMA Corporation Limited. The share issue is for 2,961,172 shares at an issue price of A$ 0.734 per share.
The Managing Director of CMA, Peter Hatfull, says: ’The Cableco acquisition would strengthen the Company’s international recycling operations as well as providing significant management depth within our already very strong New Zealand operations.’€™
‘€˜CMA’€™s entry to the New Zealand market in January 2006 has delivered strong earnings to the group and we are confident our expanded presence arising from the Cableco acquisition will provide immediate positive returns to our shareholders’€™, Mr Hatfull adds.