Brick manufacturer Brickworks (ASX:BKW)
is continuing its expansion into the US by purchasing of Iowa-based Sioux City Brick for $47 million.
Sioux City has two modern manufacturing plants in Iowa, and has a leading position in the Midwest of the United States, where it has built a strong reputation for premium architectural products.
The acquisition supports Brickworks’ growth strategy in North America.
Last November the company bought America's fourth-largest brick manufacturer, Glen-Gery, in a deal worth $151 million.
Shares in Brickworks (ASX:BKW)
are trading 1.92 per cent higher at $16.21.