Australia's largest brick manufacturer Brickworks
(ASX:BKW) has bought America's brickmaker Glen-Gery for $151 million.
Glen-Gery is a 100 per cent owned subsidiary of UK based Ibstock PLC.
It has leading market positions in the Midwest, Northeast and Mid-Atlantic states and sells around 230 million bricks per year.
The US brick market is approximately three times larger than the Australian market with annual sales revenue estimated at $2.2 billion.
The outlook for residential and commercial construction activity in the US remains positive.
Shares in Brickworks
(ASX:BKW) closed 1.55 per cent lower at $15.20 yesterday.
