Brickworks Limited (ASX:BKW) Strengthens Its Masonry Business Through Acquisition
Sydney, Feb 9, 2010 (ABN Newswire) - Brickworks Limited (ASX:BKW) today entered into an agreement to purchase Brick and Block, a New South Wales-based producer of concrete masonry, for A$13.5 million.Brick and Block is located in Port Kembla, south of Sydney, and has an installed capacity of around 100,000 tonnes per annum. The company was placed into Administration in November 2009, at which point Receivers and Managers were appointed to sell the company's assets.
The transaction will be completed in mid February 2010 and will be immediately earnings per share positive for Brickworks.
The acquisition of another substantial concrete block producer compliments the existing Austral Masonry(TM) businesses in Queensland and Victoria, giving the company its first manufacturing facility in New South Wales.
"This acquisition now makes Austral Masonry(TM) a truly significant East Coast business, with a market share now in excess of 20 per cent", said Mr Lindsay Partridge, Managing Director of Brickworks Limited.
About Brickworks Limited:
Brickworks Limited (ASX:BKW) is a dynamic and innovative group of Australian-owned companies. Our main business is the manufacture and distribution of clay and concrete products, property development and realisation, and investments. We operate in all states throughout Australia and in New Zealand.
Source:
Brickworks Limited
Contact: Mr. Lindsay Partridge Managing Director Brickworks Limited Tel: +61-2-9830-7700