Brickworks Limited (ASX:BKW) Diversifies Building Products Offering Through Sasso Precast Concrete Panels Acquisition
Sydney, Mar 5, 2010 AEST (ABN Newswire) - Brickworks Limited (
ASX:BKW) today purchased Sasso Precast Concrete, a substantial manufacturer of precast concrete panels, for A$35.25 million. The transaction will diversify the building products offering and will be immediately earnings per share positive for the company.
"Sasso is a world-class manufacturing facility with plenty of scope for growth in its recently-built factory," said Mr Lindsay Partridge, Managing Director of Brickworks Limited.
"Precast Concrete Panels have experienced spectacular growth in walling market share during the past decade, with expectations of further growth particularly in the high-rise residential, commercial and industrial market segments.
"These are segments of the building products market in which we don't currently compete. This acquisition provides Brickworks with an exciting new platform for growth in our Building Products division," he added.
Sasso Precast Concrete is located in Wetherill Park, west of Sydney in New South Wales. Sasso has been in operation for approximately 10 years. This plant is a current state-of-the-art manufacturing facility commissioned during late 2007.
Brickworks also confirms that it has received the final payment of A$17.5 million from AV Jennings for the sale of Stage 3 of the Eastwood site in Sydney. This finalises the sale of this property with proceeds received totalling A$70.0 million.
About Brickworks Limited
Brickworks Limited (ASX:BKW) is one of the world's largest and most diverse building material manufacturers. Our company has built an enduring reputation with our customers – we are loved for our innovation, professionalism and ever-dependable products and services.
As Brickworks Building Products expands globally, we continually foster and advance our products and our brands. We continue to lead the way through design, style, innovation, sustainability, and collaboration.
Our commitment is to inspire, support, create and build better environments and places for our customers and communities; all integral to our clear vision to become the best building products company.
With a broad product portfolio and manufacturing and sales facilities across Australia & North America, Brickworks is uniquely placed to service the demands of the building industry.
| ||
|
