Westlake Acquires Boral’s NA Building Products, Expands Presence in NA Materials MarketJune 22nd, 2021 by Editor
Westlake Chemical Corp. announced it has entered into a definitive agreement with Boral Industries Inc., a wholly owned subsidiary of Boral Limited, under which Westlake will acquire Boral’s North American building products businesses in roofing, siding, trim and shutters, decorative stone and windows. The all-cash transaction is proposed at $2.15 billion, has been unanimously approved by the boards of directors of both companies, and is expected to close in the second half of 2021, subject to the receipt of regulatory clearance.
Boral’s North American building products businesses employ approximately 4,600 at 29 manufacturing sites in the U.S. and Mexico, generating revenues in excess of $1 billion during the fiscal year ended June 30, 2020.
Westlake expects the proposed transaction to be accretive to its earnings in the first full year of combined operations and expects cost synergies of approximately $35 million per year.
“The combination of Boral North America’s product lines with Westlake’s building products businesses will greatly expand our housing-related building products business and extend our presence in North America,” said Westlake president and CEO, Albert Chao. “We look forward to welcoming the Boral employees to the Westlake family and realizing the tremendous opportunities to grow the combined businesses.”