Gypsum industry news

Australia/US: The value of James Hardie’s Australia-listed shares fell by 15% following the announcement of a deal to buy AZEK. Financial analysts have expressed concern that the company is overpaying for more access to a slowing US housing market, according to Reuters. Analysts from Morgan Stanley said that the deal carried "a heavy premium and elevated multiple.” They added that they expected the market would be wary of synergy savings targets.

James Hardie agreed to buy AZEK for US$8.75bn, using a combination of cash and shares, on 24 March 2025. As part of the deal it will take on AZEK’s net debt of US$386m. AZEK shareholders will receive US$26.5 in cash and 1.034 ordinary shares of James Hardie for each AZEKL share they own. Upon completion of the transaction, James Hardie and AZEK shareholders are expected to own approximately 74% and 26%, respectively, of the combined company. It is hoped that the deal will create a “leading exterior and outdoor living building products growth platform.” The transaction is expected to close in the second half of 2025. It is subject to customary closing conditions, regulatory approvals and AZEK shareholder approval.

James Hardie manufactures fibre gypsum products in Europe and fibre cement products around the world. It is headquartered in Ireland, its management is based in the US and it is listed in both Australia and the US. AZEK makes exterior residential decking, siding, trim and moulding products. It is based in the US.

Spain: Aminsa says that it will resume mining at its Villanasur Río de Oca gypsum quarry in Castile and León later in 2025. Local press has reported that the move aims to meet increased demand from Ireland-based James Hardie’s nearby Orejo fibre gypsum panel plant, which is undergoing an expansion.

Germany: Australia’s James Hardie has completed its acquisition of Fermacell for Euro473m. It agreed to buy the gypsum wallboard producer from Xella International in November 2017 and then took out a loan in December 2017 to cover the purchase.

James Hardie plans to include European Building Products segment in its report of quarterly results from the first quarter of 2019. This new segment will include the on-going James Hardie European Fiber Cement business and the newly acquired Fermacell business. The current International Fiber Cement segment will be renamed Asia Pacific Fiber Cement and will include its Australia, New Zealand and Philippines businesses.

Germany: Australia’s James Hardie expects to complete its acquisition of Fermacell in early April 2018. It agreed to buy the gypsum wallboard producer from Xella International in November 2017. Louis Gries, chief executive officer of James Hardie said that there had been no impediments in the transaction.

Germany: Australia’s James Hardie is to buy Fermacell for Euro473m. The Australian company has entered into a definitive agreement to buy XI (DL) Holdings and its subsidiaries, including the gypsum fibreboard producer. The deal is expected to close in the first quarter 2018.

“Fermacell’s market position, go-to-market strategy and strong management team will enable us to scale and accelerate our European business, which has long been a strategic goal. Fermacell will diversify 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,” said Louis Gries, chief executive officer (EO) of James Hardie.

Jack Truong, President, International Operations of James Hardie, added that Fermacell’s ‘broad’ European footprint and capabilities were expected to ‘accelerate’ his company’s fibre cement business growth in Europe. James Hardie is also ‘excited’ about the future growth opportunities of Fermacell’s core business in regions such as the UK, France, and Scandinavia.