Auckland based Vulcan has signed a conditional sale and purchase agreement with Mr Gilbert Ulrich, the owner founder of Ullrich Aliminium to acquire 100% of Ulrich at a projected book equity value of NZD 131 million. This is subject to finoisation of accounts for the period 1 April to 31 July 2022 and precedent conditions by 16 September 2022. The family owned Ullrich Aluminium was established in 1961 and through rapid expansion in the 1970/80s became a poster company for New Zealand manufacturing and exporting. It makes a wide range of products from cladding, scaffolding and ladders, window frames, and products used in boat building. It has more than 600 staff in 43 operations in New Zealand and Australia. Ullrich reported sales of NZD 270 million and pre-tax profits of NZD 36 million in the year ended March.The company said the acquisition would expand its operations and was in line with its plans to be a leading metal products processor and distributor. Vulcan chief executive Mr Rhys Jones said “The aluminium distribution market is an opportunity which Vulcan has been considering for many years. Ullrich's platform and network combined with Vulcan offer significant potential synergies.”Vulcan was founded in 1995 and has operations in New Zealand and Australia distributing steel industrial products as well as processing and adding value to steel, at 29 sites employing about 850 staff.