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USG Corp and Boral Ltd announce formation of Plasterboard & Ceilings joint venture, USG Boral Building Products


Thursday, 27 Feb 2014 05:33pm EST 

USG Corp and Boral Ltd:Says the completion of their previously communicated 50/50 strategic joint venture, USG Boral Building Products. The joint venture creates building products business with sales and operations across Asia, Australasia and the Middle East.In connection with the joint venture, Boral has contributed its Gypsum division, which includes its plasterboard operations in Australia and Asia.USG has contributed its Asian and Middle Eastern businesses, as well as exclusive access in the joint venture's territory to its ceilings, cement board, fibre board, and lightweight plasterboard and joint compound building products technologies.As consideration for its 50 pct ownership in the joint venture, in addition to contributing its Asian and Middle Eastern businesses and certain intellectual property, USG made a cash payment of $500 million to Boral.Boral will also have the opportunity for up to $75 million in earn out payments over five years if the joint venture achieves specific performance targets.USG, which funded its cash payment to Boral with the net proceeds of a recently completed $350 million senior note offering and cash on hand.Made an additional cash payment to Boral of $13 million based on a customary initial estimate of the net debt and working capital positions of the contributed businesses.Additional cash adjustments are expected upon finalisation of the accounts as of Feb. 28. 

Company Quote

5.51
-0.08 -1.43%
29 Aug 2014