James Hardie Industries, a leading global building products company, has agreed to acquire Azek Building Products Inc., a US-based manufacturer of composite decking and outdoor living products, in a deal worth nearly $9 billion. The acquisition is expected to expand James Hardie’s presence in the North American market and enhance its product offerings.
Azek, founded in 2002, is known for its durable and low-maintenance decking solutions. The company’s products are widely used in residential and commercial construction projects across the US and Canada. With this acquisition, James Hardie aims to strengthen its position in the competitive building products industry.
The deal is expected to close in the second half of 2023, pending regulatory approvals. Financial terms were not disclosed, but the acquisition price is reportedly valued at around $9 billion.
Source: https://www.ft.com/content/2e2903b8-9ff9-481e-8e0e-335b5ab3634a