Fletcher Building expects to realise about $70 million from the sale of Crane Group's Australian and New Zealand metal distribution businesses.
Fletcher Building said it had sold the businesses - Austral Wright Metals and MICO Metals - to AW Distribution Pty and Wakefield Metals, respectively.
Both businesses were part of the last year's acquisition by Fletcher Building of Australia's Crane Group.
The buyers have a number of other metal distribution businesses in Australasia, and have a history in metal distribution in the United Kingdom and Europe, Fletcher Building said.
Austral Wright is a major Australian importer and distributor of stainless steel, aluminium, copper, brass, bronze, nickel alloys, duplex alloys, titanium alloys and speciality metals.