Brickworks (ASX:BKW) to acquire Redland Brick

Company News

by Katrina Bullock

A US subsidiary of building and investment company Brickworks (ASX:BKW) has penned a binding agreement to acquire the assets of Redland Brick for approximately $70 million.

The sale includes five production lines across four manufacturing sites - two in Maryland, one in Pennsylvania and one in Virginia.

The sites boast cumulative sales of around 80 million bricks per year.

The purchase is expected to deliver 3 per cent earnings per share accretion within three years.

Shares in Brickworks (ASX:BKW) are trading 0.3 per cent higher at $18.47.