Boral Sells 40% Interest in Brick Joint Venture; Maintaining Fair Value Estimate at AUD 5
Boral announced that it has agreed to sell its 40% interest in the Boral CSR Bricks joint venture to CSR for AUD 133.9 million. The sale is expected to be completed on 1 November 2016. The brick JV generated equity-accounted aftertax earnings in 2016 of AUD 11.7 million for Boral, representing its 40% interest in the JV. Boral expects AUD 6.5 million lower equity earnings contribution in 2017 compared with 2016 and will recognise a AUD 20 million-AUD 25 million aftertax profit on sale, which wil...Boral manufactures and supplies building and construction materials in Australia, the U.S. and Asia. Co.'s segments are: Construction Materials & Cement, consisting of quarries, concrete, asphalt, transport, landfill, property, cement and concrete placing; Building Products, consisting of Australian bricks, roofing and masonry, and timber products; Boral Gypsum Joint Venture, which manufactures and sells plasterboard and associated products; and Boral USA, consisting of bricks, cultured stone, roof tiles, fly ash, concrete and quarries. The primary end use markets for Co.'s products include residential and non-residential construction and the engineering and infrastructure markets.
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