Fletcher Building satisfies conditions to release grant funds

·       Fletcher Building satisfied all conditions of its grant funding agreement with the New Zealand government.

·       The New Zealand government approved releasing the grant funds to buy New Zealand units.

·       The acquisition aims to secure cement manufacturing operations through 2040 and protect over 600 jobs.

Fletcher Building (ASX:FBU) has satisfied government grant conditions, allowing its subsidiary to acquire New Zealand units.

The release follows a grant funding agreement signed between subsidiary Golden Bay Cement and the government on July 20.

Upon satisfying the conditions, the New Zealand government approved releasing the funds directly to Golden Bay Cement.

The company stated the carbon unit acquisition secures cement plant operations until 2040 and supports over 600 regional jobs.

Following the announcement, the Fletcher Building share price was down at $3.12.

Golden Bay Cement operates New Zealand's sole domestic cement manufacturing facility located near Whangārei.

The facility supplies roughly 60% of the country's cement, supporting residential and infrastructure construction across New Zealand.