Dec 6, Australia - Australia's top construction materials maker Boral Ltd said on Monday it will sell its North American fly ash business for $755 million, marking its exit from the market as it looks to focus on its domestic business.
Boral has been selling its U.S. businesses since last year in a retreat from its global expansion strategy that led to a hefty write down in 2020.
The sale to Eco Material Technologies, backed by private equity firm One Equity Partners and Quadrant Management, means Boral will have sold its U.S. businesses for more than A $4 billion and $80 billion, according to Chief Executive Zlatko Todorcevski.
Boral sold its U.S. building products business to Westlake Chemical Corp in June for $2.15 billion. It had said late last year it would sell its stake in Meridian Brick.
Since April, it had been looking at a sale of the North American fly ash business.
Boral said that the board will determine the most appropriate way to return surplus capital to shareholders and the proceeds from the sale of the fly ash business will be reinvested next year.