![]() “As originally proposed, the transaction would have led to higher priced and lower quality residential brick, making it more expensive for millions of Americans to build and purchase homes. Powers of the Justice Department’s Antitrust Division. “Residential brick is an essential building block in American home construction,” said Acting Assistant Attorney General Richard A. Under the terms of the proposed settlement, the parties were required to divest three manufacturing facilities, 14 distribution yards and showrooms, and six mines for extracting input materials used in the manufacture of residential brick to RemSom LLC (RemSom) or an alternative acquirer approved by the United States. The antitrust division, however, filed a proposed settlement concurrent with the civil lawsuit to resolve the alleged competitive harm. The move was made to preserve competition in the southern and midwestern United States following a lawsuit by the Justice Department’s Antitrust Division aimed at blocking the deal. Department of justice granted its approval of the transaction on the condition General Shale and Meridian Brick to divest several assets used in the manufacture and sale of residential brick. General Shale finalized the acquisition of Meridian earlier this month when the U.S. It gives us an opportunity to find synergies with our existing businesses in Canada and grow from there.” It also expands us into the clay brick business in Canada. is sold in Texas, so it’s key for us and our growth strategy. “Twenty-seven percent of all brick in the U.S. “It expands our geographic footprint and gives us a presence in Texas and Oklahoma,” Smith said. On Tuesday night, General Shale CEO Charles Smith discussed how the recent acquisition of Meridian Brick has positioned his company to thrive for many years to come during a celebration at the company’s Johnson City headquarters. Nearly 100 years ago, General Shale was born through a merger of the Johnson City Shale Brick Company and the Kingsport Brick Corporation, setting the stage for the company to become a leading brick producer in the United States. Heimo Scheuch, chief executive officer of Wienerberger Group, said: ‘This is our largest acquisition in 15 years and significantly increases the scale and breadth of our offering in North America, establishing our leadership in the region and building a strong foundation for sustainable growth.Hemo Scheuch, CEO of Wienerberger AG, and Charles Smith, CEO of General Shale, discuss General Shale’s acquisition of Meridian Brick. Through the acquisition of Meridian Brick, Wienerberger will immediately double the revenue of their North America business to more than US$800 million. It helps to streamline our US business and allows us to further focus on the improvement initiatives under way in the remaining businesses in Boral North America.’ ‘The divestment of Meridian is a further step in Boral’s portfolio review works. ‘As part of this process, Meridian’s leadership was refreshed with the appointment of a new chief executive officer in December 2018, and a stronger focus on improving performance. ![]() The divestment of Meridian Brick represents the final step in Boral’s exit from brick operations globally.īoral’s chief executive officer and managing director, Zlatko Todorcevski, said: ‘In recent years Boral have divested their interest in bricks in Australia, and since forming the bricks joint venture in the US with Lone Star in 2016, the plan was to ultimately prepare the business for sale. ![]() With more than 1,000 employees operating in 20 manufacturing plants across the US and Canada, the company generated revenues in excess of US$400 million in the financial year to 30 June 2020. The transaction is subject to various closing conditions and regulatory approvals, with both parties targeting completion in the first half of 2021.īased in Georgia, Meridian Brick are the largest manufacturers of clay facade solutions by capacity in the US and have a strong position in the Canada region.
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