CSR Limited (CSR) confirmed today that the New Zealand Ministry of Education (NZ Ministry) has commenced a ‘representative’ action in the New Zealand High Court for unspecified damages against its subsidiary, CSR Building Products (NZ) Limited.
CSR is one of several building product manufacturers and/or suppliers named in this action which alleges defects in products used in construction of New Zealand school buildings.
CSR understands that a number of other parties including architects, designers and builders are also named in related lawsuits.
CSR confirms that its subsidiary imported and distributed a small amount of product in the New Zealand market which is the subject of this action. However, based on the low level of market share for the product, CSR believes that any potential financial impact related to this action would not be material to the financial results of the company.