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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.
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) was listed on the Australian Securities Exchange in 1962 and has paid a dividend every year since then. It has three Groups - Building Products, Land and Development and Investments. The Building Products Group includes Australia's largest bricks producer Austral Bricks(TM), Austral Masonry(TM), Bristile Roofing(TM) and Austral Precast(TM). The Land and Development operation maximises value from surplus land and redundant building products sites. Investments include a 42.85% holding in Washington H. Soul Pattinson.
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