Brickworks buys America's Glen-Gery

Company News

by Rachael Jones

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.
 

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.