Brickworks acquires Sasso
Brickworks Limited (BKW) purchased NSW based precast concrete panels manufacturer Sasso Precast Concrete for $35.25 million. The company said the acquisition would diversify the building products offering and would be immediately earnings per share positive for the company.
Brickworks’ managing director, Lindsay Partridge, said Sasso has plenty of scope for growth in its recently built factory.
“Precast Concrete Panels have experienced spectacular growth in walling market share during the past decade, with expectations of further growth particularly in the high-rise residential, commercial and industrial market segments,” Mr Partridge said.
“These are segments of the building products market in which we don’t currently compete. “This acquisition provides Brickworks with an exciting new platform for growth in our Building Products division.”
Brickworks said the Wetherill Park based company has been in operation for approximately 10 years, with its manufacturing facility commissioned during late 2007.
The company also confirmed it has received the final payment of $17.5 million from AV Jennings for the sale of Stage 3 of the Eastwood site in Sydney.
Athe close of trade yesterday, Brickworks shares were trading at $12.28.
Leave a Reply