Fletcher Building

Fletcher Building Limited is one of the largest listed companies in New Zealand, with a market capitalisation of nearly NZ$6 billion. The company was split from Fletcher Challenge in 2001, formerly New Zealand's largest business and multinational.

This article is about the company based in Auckland, New Zealand. For the Colonel Fletcher Building in San Diego, see Colonel Fletcher Building.

Fletcher Building Limited
TypePublic
NZX: FBU
ASX: FBU
IndustryConstruction
Founded2001 (part of Fletcher Challenge group); 21 years ago
Headquarters
Auckland
,
New Zealand
Area served
New Zealand, Australia, Americas, Pacific Islands, Asia, Europe, Africa
Key people
Ross Taylor (CEO)
ProductsBuilding products
ServicesConstruction
RevenueNZ$9,004 million [FY2016][1]
Number of employees
Approx 20,000 globally
SubsidiariesFletcher Construction
PlaceMakers
Websitefletcherbuilding.com

Structure and divisions

With around 20,000 employees globally and over 34 business units operating under the Fletcher Building banner, the company is Australasia's largest building materials supplier. Ross Taylor was appointed Group CEO on 22 November 2017.[2]

The company operates in six divisions: building products, distribution, concrete, residential and development, construction, and Australia.[3]

Distribution

Fletcher's retail operations date back to its first building supply site in Dunedin in 1910.[4]

PlaceMakers has been the main trading brand for Fletcher Distribution's retail stores around the country since 1954.[5] The chain has 62 stores in 2019, up from 52 in the late 1990s and early 2000s.[6] PlaceMakers has 11 stores in Auckland, with a head office in Panmure, Auckland.[7]

Fletcher operated the Building Depot retail chain until 2003.[6] It had 10 stores, including five in Auckland.[8] Fletcher sold the chain to entrepreneur Mark Taylor in 2003 and two of its Auckland stores were closed.[9][10] Building Depot went into receivership in 2004.[10]

History

In April 2020, in response to the COVID-19 pandemic in New Zealand, Fletcher Building senior executives had their salaries cut by 30%. The cut was part of a pay-plan suggested by the company to deal with financial impacts. Under the plan, non-working staff would receive a 35% pay cut, which would increase to 50% in May and 70% in June.[11]

On 20 May, Fletcher Building announced its intention to lay off about 1000 staff in New Zealand, or approximately 10 percent of its workforce, as a result of the COVID-19 pandemic.[12]

On 11 August, it was reported that Fletcher Building was expecting a loss of NZ$196 million for the year to June 2020 as a result of the COVID-19 pandemic.[13]

References
  1. "Annual Report" (PDF). Fletcher Building. 2016. p. 11. Retrieved 27 December 2016.
  2. "Fletcher Building announces Ross Taylor as Chief Executive Officer". Fletcher Building. 25 October 2017. Retrieved 21 May 2020.
  3. "Our business". Fletcher Building. Retrieved 21 May 2020.
  4. Walrond, Carl (11 March 2010). "Building and construction industry". Te Ara - the Encyclopedia of New Zealand. Ministry for Culture and Heritage.
  5. "Fletcher Building: Divisions : Distribution". Fletcher Building. Archived from the original on 6 September 2009. Retrieved 23 March 2011.
  6. "Then as Now". Marketplace Media. Hardware Journal. 18 December 2019.
  7. "PlaceMakers". placemakers.co.nz. Fletcher Building.
  8. "Building Depot Staff Face Uncertainty". sharechat.co.nz. NZPA. 15 November 2002.
  9. Bingham, Eugene (24 October 2003). "Retailers jostle for the DIY dollar". Wilson & Horton. New Zealand Herald.
  10. "Building Depot in receivership but still trading". Wilson & Horton. NZPA. 9 September 2004.
  11. Nadkarni, Anuja (6 June 2020). "Fletcher Building executives double pay cuts to 30%". Stuff. Archived from the original on 4 June 2020. Retrieved 4 June 2020.
  12. Gibson, Anne (20 May 2020). "Fletcher to lay off 1000 Kiwis, 500 Australians as part of business reset". The New Zealand Herald. Archived from the original on 9 July 2020. Retrieved 21 May 2020.
  13. Nadkarni, Anuja (11 August 2020). "Fletcher Building expects $196m net loss because of Covid-19". Stuff. Archived from the original on 11 August 2020. Retrieved 11 August 2020.
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