Home BUSINESS Boral to sell American building products business for $2.2 billion

Boral to sell American building products business for $2.2 billion

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June 21, 2021

(Reuters) -Australia’s Boral Ltd on Monday said it would sell its North American building products business to a unit of NYSE-listed Westlake Chemical Corp for $2.15 billion.

The announcement came in a disclosure in response to a bid by Seven Group Holdings in May to buy all the shares in Boral it did not already own for A$6.50 apiece, valuing the construction materials maker at A$7.91 billion ($5.9 billion).

Following the sale of the North American business, Boral said its net debt target would fall from A$1.5 billion to A$1.3 billion.

($1 = 1.3330 Australian dollars)

(Reporting by Arundhati Dutta and Tejaswi Marthi in Bengaluru; Editing by Christopher Cushing and Stephen Coates)