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- New Zealand-listed shares of Fletcher Building slumped 14% in resumed trade on Monday even after the firm denied claims that plumbing failures reported in several homes in Australia were due to a manufacturing defect in the pipes it produced.
The construction materials maker said in August nearly 1,500 of 15,000 houses constructed using its pro-fit polybutylene plumbing pipes had experienced leaks between mid-2017 and mid-2022. Fletcher denied the claims on Friday, citing that the significant plumbing failures were only evident in Perth despite the same quantity of pipe being sold nationally, which points to region-specific installation practices as the cause of the failures.
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