Building company Boral (ASX:BLD) today announced that it has agreed to sell its US Block business to Quikrete Holdings, Inc. for US$156 million.
Boral’s CEO and Managing Director says Boral is focusing on its core building products and fly ash businesses in North America, its gypsum-based wall and ceilings business in USG Boral and construction materials in Australia.
The sale is expected to complete around mid-November 2018, subject to regulatory approval. Boral has owned the US Block business since May 2017 through the acquisition of Headwaters.
Any profit or loss on sale will be recognised as a significant item in FY2019.
Shares in Boral (ASX:BLD) are trading 0.77 per cent higher to $6.55