Herald Journal, March 1, 2004
Australian company to acquire Butler Mfg.
By Ryan Gueningsman
Butler Manufacturing Company, the company that owns Lester Buildings of Lester Prairie, announced recently that it plans to be acquired by BlueScope Steel Limited.
BlueScope Steel, headquartered in Melbourne, Australia, is the largest steel producer in Australia and New Zealand.
Pending shareholder and regulatory approval, Butler and BlueScope Steel expect the acquisition of Butler Manufacturing to be complete within 60 to 90 days.
The acquisition is consistent with Butler’s desire to strengthen operations. Over the past several months, at the invitation of the Butler’s board of directors, BlueScope Steel has undertaken extensive due diligence of the Butler business, according to a press release issued by Butler.
“Butler Manufacturing Company is the world’s premier brand in pre-engineered steel building systems, with leading market positions in both North America and China,” said BlueScope Steel Managing Director and CEO Kirby Adams.
“Strategically, the combination of BlueScope Steel and Butler creates a very strong global player in steel building components and pre-engineered buildings.”
Local Lester Building officials were unavailable for comment late last week.