Australian brickmaker Boral has agreed to sell its North American Building Products business to Houston chemical manufacturer Westlake Chemical in a deal valued at A$2.9 billion.
The transaction, which includes the company’s includes roofing, stone, light building products and windows businesses, is expected to close in the second half of 2021, subject to regulatory clearance.
Boral’s CEO & Managing Director, Zlatko Todorcevski, said the agreement follows an extensive market testing process in which the company received ‘strong interest from a broad range of high calibre potential buyers’.
“Boral has owned and operated building products businesses in the USA for more than 40 years and we recognise and value the contribution that our North American building products’ employees and customers have made to the Boral Group over that time,” he continued.
“We are confident that this change of ownership to Westlake, with its strong history and focus on innovative exterior building products, will support the prospects for our North American Building Products business.”