Boral sells US Block business for US$156 million

Company News

by Rachael Jones

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
 

Rachael Jones

Finance News Network
Rachael comes to FNN after working for Fairfax Media covering international breaking news, including the global economy and politics. She joined FNN in February 2018. She has reported on Australia’s finance news for various organisations since 2000 and has also interviewed a number of key business players, including Bill Gates. Rachael has also worked across a number of countries, including the UK and the US.