CEO Ross Taylor says Fletcher has not been drinking its “own Kool Aid”, with poor installation by WA plumbers the issue in high leak rates in new homes.
Fletcher Building is listed on stock exchanges in NZ and Australia and has a $3 billion business in building products in Australia.
Fletcher Building chief executive Ross Taylor said a detailed study by Fletcher and external experts had found it was poor installation of the Iplex Pro-fit thin pipes in new houses, and generally lower governance standards for the plumbing industry in WA compared with other states, that were the core issues.
He also said BGC’s claims made on Wednesday that the total cost of fixing up all the houses impacted could be $709 million was “self-serving and sensational”. Fletcher’s view was that a more realistic cost for the industry remediation was between $50 million to $100 million. Mr Taylor said the governance and standards by industry regulators in WA of plumbing was not as stringent as in the eastern states of Australia.He also said Fletcher had used external experts to give an independent view and test some of the patterns the company had detected in its early scrutiny.BGC said on Wednesday the cost of full remediation for houses where pipes had cracked was on average $60,000 per house. It said the pipes were bursting at the rate of 6.7 per day.
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