SYDNEY, AUSTRALIA: Boral Limited (ASX: BLD) announced completion of the sale of its North American Fly Ash business to Eco Material Technologies Inc for US$755 million.
After completion adjustments, proceeds on sale total ∼A$9602 million, excluding US$20 million to be received over the next two years, and prior to payment of US income tax and transaction costs expected to total A$85–$95 million.
Boral’s CEO & Managing Director, Zlatko Todorcevski, said: “The divestment of Fly Ash marks the completion of our divestment program and realigns our business portfolio. It follows the recent sale of our North American Building Products and 50% owned Meridian Brick businesses, and Australian Building Products businesses.
“Our strategy is to focus on our leading position as an integrated construction materials manufacturer and supplier in Australia, build on our competitive advantage and improve our performance and profitability to deliver higher returns for shareholders.”
Following receipt of the Fly Ash proceeds Boral will, after considering any reinvestment opportunities, determine how to apply any surplus in accordance with its Financial Framework.