Boral says the transaction will complete its portfolio realignment and refocus back on its construction materials business in Australia.
Boral CEO Zlatko Todorcevski, says: “We have undertaken a rigorous and competitive process to determine the best outcome for Boral in relation to the Fly Ash business and we are pleased to announce an agreement to sell the business to Eco Material Technologies.
“For Boral’s shareholders, we have now unlocked substantial value through a successful divestment programme.
“Together with the sale of the North American Building Products business and our stake in Meridian Brick, following finalisation of this transaction, we will have divested the North American businesses for more than A$4 billion (US$3 billion).
“This is a significant milestone that supports our strategy to refocus on our construction materials business in Australia.
“As was the case with building products in the US, Boral has owned and operated fly ash businesses in the US for some 40 years. It has been an important part of Boral’s history and we recognise and value the contribution our employees and customers in North America have made to Boral over that time.
“This change of ownership to Eco Materials Technologies, which is focused on growing the business, will be a positive outcome for our people and customers in the Fly Ash business.”
The transaction is expected to be complete in 2022.
