Westlake Chemical Corporation announced that it 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 for $2.15 billion in an all-cash transaction.
The proposed transaction 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 as well as other customary closing conditions.
Boral’s North American building products businesses employ approximately 4,600 employees at 29 manufacturing sites in the United States and Mexico. Boral’s North American building products businesses generated revenues of $1+ billion during the fiscal year ended June 30, 2020.
“This transaction will bring well-established and high-quality architectural solutions and premium product brands in roofing; siding, trim and shutters; decorative stone; and windows to complement our existing businesses, including Royal Building Products’ siding, trim and molding, DaVinci composite roofing, NAPCO Pipe and Fittings, and specialty PVC compounding business,” Westlake President and CEO, Albert Chao said. “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. We look forward to welcoming the Boral employees to the Westlake family and realizing the tremendous opportunities to grow the combined businesses.”