Fletcher Building

Last year’s tributes to Fletcher Building’s former chief executive Jonathan Ling struck an odd note. ‘Jonathan has overseen two large acquisitions which have nearly doubled the size of Fletcher Building’, chairman Ralph Waters gushed. What went unsaid was that annual dividends paid by the Australasian building materials group remain 15% lower than when Ling took the helm in 2006. Ling’s acquisition of global laminates business Formica was a disaster (see Building materials roundup – Part 1 of 15 Jan 10 (Avoid – $6.75)). It’s too early to tell whether 2011 acquisition Crane Group will also stumble, but it’s already...

Last year’s tributes to Fletcher Building’s former chief executive Jonathan Ling struck an odd note. ‘Jonathan has overseen two large acquisitions which have nearly doubled the size of Fletcher Building’, chairman Ralph Waters gushed. What went unsaid was that annual dividends paid by the Australasian building materials group remain 15% lower than when Ling took the helm in 2006.

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