James Hardie Industries plc has acquired Fermacell GmbH from Xella International S.A. in an all-cash transaction based on an enterprise value of €473 million.
Dr. Jack Truong, president international operations of James Hardie, welcomed the acquisition, which will add over 800 new James Hardie employees in Europe. He said: “We welcome our new employees to the James Hardie group and acknowledge the hard work undertaken by our integration team, consisting of people from James Hardie, Fermacell and our advisors to achieve this significant milestone.”
Dr. Truong added: “We are ready to realize the benefits of this strategic acquisition and are excited about adding this high quality business to the James Hardie group. Fermacell’s broad European footprint and capabilities offer the right enabling platform to accelerate our fiber cement business growth in Europe. We are also excited about the future growth opportunities of Fermacell’s core business in regions such as the UK, France and Scandinavia”.
Louis Gries, chief executive officer of James Hardie, says: “Reaching this significant milestone is an important step in achieving our long-term strategic goals in Europe. Fermacell’s market position, go-to-market strategy and strong management team will enable us to scale and accelerate our European business. The Fermacell acquisition diversifies our geographic, product and end-market portfolio, complementing our strong positions in North America and Australasia, and will create significant growth opportunities and drive long-term value for customers, employees and shareholders.”