Headwaters become wholly owned subsidiary of Boral and will form part of new Boral North America division
BORAL Ltd announced today [9 May] that they have completed their US$2.6 billion acquisition of Headwaters Inc., a leading building products manufacturer and fly ash marketer in North America.
The closing of the transaction follows approval by Headwaters’ shareholders and receipt of all required regulatory approvals.
With the closing of the acquisition, effective Monday 8 May in the US, Headwaters become a wholly owned subsidiary of Australian-based Boral Ltd and no longer a publicly traded company.
Boral’s chief executive officer and managing director, Mike Kane, said the acquisition was a transformative step for Boral, its employees, customers and shareholders, positioning the Group to deliver more sustainable growth through the market cycles.
‘To ensure that we seamlessly realize the benefits of this strategic acquisition for all of our stakeholders, teams from Boral and Headwaters are coming together to implement integration plans that leverage the talents and expertise of both companies,’ said Mr Kane (pictured).
‘I would like to recognize the hard work undertaken over the past year or so by so many people from both Boral and Headwaters, and our advisers. Reaching this significant milestone demonstrates the commitment and belief we all have in this value-creating merger of two great businesses. We are ready and well positioned to deliver on our promises.’
Boral USA and Headwaters combined will form a new division called Boral North America – a US$1.8 billion revenue business that will be headquartered in Atlanta, Georgia, the location of Boral’s current US headquarters.