Saint-Gobain to Buy Continental Building Products for $1.4 Billion -- Update
13 Novembre 2019 - 2:15AM
Dow Jones News
By Josh Beckerman
France's Compagnie de Saint-Gobain SA (SGO.FR) has agreed to buy
Continental Building Products Inc. (CBPX) for about $1.4
billion.
Saint-Gobain said the deal for the Herndon, Va., company will
broaden its asset portfolio and increase its U.S. presence.
The transaction is worth $37 a share. Continental shares rose
nearly 12% during the regular session on a Bloomberg report about
the deal and increased 1.5% to $36.30 after hours.
Continental, which makes products including gypsum wallboard,
also reported that third-quarter earnings fell to 39 cents a share
from 50 cents a share, while net sales fell 3% to $127.4 million.
Wallboard sales volume increased but the average price
declined.
Saint-Gobain said it will largely finance the acquisition using
proceeds from divestments, and said it will continue its divestment
program even thought it has already reached its 2019 goals.
Last week, Saint-Gobain said it sold its regional
glass-transformation business and reached a deal to sell its
expanded-polystyrene business in France.
--Maria Armental contributed to this article.
Write to Josh Beckerman at josh.beckerman@wsj.com
(END) Dow Jones Newswires
November 12, 2019 20:00 ET (01:00 GMT)
Copyright (c) 2019 Dow Jones & Company, Inc.
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