CSR Limited acquires Woven Image for $43 million
SYDNEY, AUSTRALIA: CSR Limited, a leading building products company in Australia and New Zealand, has announced that it has agreed to acquire Woven Image, a leader in sustainable, design-led acoustic finishes and textiles, for $43 million.
The acquisition, which is subject to conditions, is expected to be completed in the next few months and will be earnings accretive for CSR. CSR has a long-standing customer relationship with Woven Image and has manufactured some of its product range for 20 years.
Woven Image is highly complementary to CSR’s existing commercial interior ranges, such as Gyprock plasterboard, Cemintel fibre cement and Martini acoustic insulation. The acquisition will enhance CSR’s commercial interior finishes offering in the Australian market and exports to Europe and Asia.
The combined product range, commitment to innovation, sustainability, manufacturing capability and sales and distribution channels will position the business to better serve customers and deliver further growth in Australia and export markets.
As a consequence of this transaction, the on-market share buyback announced by CSR in June 2022 will conclude in July 2023.
CSR Managing Director & CEO Julie Coates said that the acquisition of Woven Image was a strategic move that would position the interior systems business for further growth and diversification.
“The acquisition of Woven Image positions our interior systems business for further growth both domestically and in export markets and follows the move to full ownership of Martini in 2020. The commercial interior finishes segment is a highly attractive market and provides further opportunity for growth and diversification across product, building sector and geography,” she said.
Woven Image was founded in 1987 and supplies the built environment with sustainable, design-led acoustic finishes and textiles. Woven Image products are extensively used in global commercial projects across workplace, hospitality, education and healthcare sectors.
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