Boral to sell Precast Panel business
BORAL are to sell their Precast Panel operations to Brickworks Ltd for A$15 million.
The sale, which includes all of Boral’s precast businesses in New South Wales, Queensland, Victoria and Western Australia, is expected to be completed by the middle of this month (August 2010).
Commenting on the disposal, Boral Group chief executive Mark Selway said the sale was in line with the strategy unveiled last month of focusing on investments on businesses where Boral had or was establishing a leading market position.
‘We are aiming to strengthen our core operations and our balance sheet, which will give us the flexibility and competitive advantage to capitalize on opportunities for growth and in the process, improve shareholder returns,’ Mr Selway said.
‘The Precast Panel operations were a part of the Group for many years and we wish the business and its staff a strong future with Brickworks Ltd.’
In financial year 2010, the Precast Panel business generated revenue of A$37 million and EBIT loss of A$14 million. Proceeds from the sale will be reinvested in Boral’s core businesses.
The sale, which includes all of Boral’s precast businesses in New South Wales, Queensland, Victoria and Western Australia, is expected to be completed by the middle of this month (August 2010).
Commenting on the disposal, Boral Group chief executive Mark Selway said the sale was in line with the strategy unveiled last month of focusing on investments on businesses where Boral had or was establishing a leading market position.
‘We are aiming to strengthen our core operations and our balance sheet, which will give us the flexibility and competitive advantage to capitalize on opportunities for growth and in the process, improve shareholder returns,’ Mr Selway said.
‘The Precast Panel operations were a part of the Group for many years and we wish the business and its staff a strong future with Brickworks Ltd.’
In financial year 2010, the Precast Panel business generated revenue of A$37 million and EBIT loss of A$14 million. Proceeds from the sale will be reinvested in Boral’s core businesses.
