Surging demand prompted James Hardie Industries (ASX:JHX)
to be on the lookout for more land to continue with its expansion.
The global building giant unveiled its plans to scoop up land in Victoria amid growing demand, increasing its portfolio with a fourth manufacturing site within its Asia Pacific network. The land in Victoria is set to join two existing Australian sites at Rosehill in NSW and Carol Park in Queensland with the other site in Cabuyao, Philippines.
The latest move aims to boost the economy with up to 500 jobs per day with an average of 250, with 200 full-time jobs slated.
Production from the Melbourne site is expected to start with one sheet machine by April 2025 with the aim to have two.
Shares in James Hardie are trading 2.3 per cent higher at $46.42.