Boral has completed the acquisition of Headwaters Incorporated. Boral acquired Headwaters for an aggregate enterprise value of $2.6 billion.
With the closing of the acquisition, Headwaters becomes a wholly owned subsidiary of Boral Limited and no longer a publicly traded company.
Boral’s CEO & Managing Director, Mike Kane, said the acquisition was a transformative step for Boral, its employees, customers and for shareholders, positioning the Group to deliver more sustainable growth through the market cycles.
“To ensure that we seamlessly realise the benefits of this strategic acquisition for all of our stakeholders, teams from Boral and Headwaters are coming together to implement integration plans that leverage the talents and expertise of both companies,” said Kane. “I would like to recognise the hard work undertaken over the past year or so by so many people from both Boral and Headwaters and our advisers. Reaching this significant milestone demonstrates the commitment and belief we all have in this value-creating merger of two great businesses. We are ready and well-positioned to deliver on our promises.”
Boral USA and Headwaters combined will form a new division to be named Boral North America—a $1.8 billion revenue business—which will be headquartered in Atlanta, the location of Boral’s current U.S. headquarters.