HeidelbergCement has announced that it has entered into a definitive agreement with an American affiliate of Lone Star Funds to sell its North American and United Kingdom building products business Hanson Building Products for an aggregate purchase price of US$ 1.4 billion (£900 million).
HeidelbergCement expects the transaction to close in the first quarter of 2015. Up to $100 million will be payable in 2016, depending on the performance of the business in 2015.
HeidelbergCement said the sale of Hanson Building Products is consistent with its strategy of focusing on processing and refining raw materials for its core products of cement and aggregates and further downstream activities.
Commenting on the deal, Dr. Bernd Scheifele, CEO of HeidelbergCement said:
“Hanson Building Products is a multinational business with leading market positions, but the focus of its product portfolio on bricks, pressure and gravity pipes and precast is outside the core businesses of HeidelbergCement. We are pleased that Lone Star will acquire this business which as an experienced financial investor will support the sustainable development of the business going forward.”
“We will use the proceeds to accelerate our debt pay down. This is an important step towards reaching our target financial metrics that are relevant for improving our credit-worthiness. I am very pleased with our financial discipline in 2014 and we will do our utmost to continue to create value for our shareholders in 2015.”
Hanson Building Products is a leading manufacturer of concrete pressure and gravity pipes in North America, as well as one of the largest brick producers in North America and the UK. The business employs a staff of 4,621 and has an extensive network of 107 manufacturing plants and 11 distribution facilities in the USA, Eastern Canada and the UK. In 2013 revenues totalled approximately US$ 1.1 billion.
HeidelbergCement is the global market leader in aggregates and a prominent player in the fields of cement, concrete, and other downstream activities, making it one of the world’s largest manufacturers of building materials. The company employs some 51,000 people at 2,500 locations in more than 40 countries.
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