A binding merger agreement announced late last month unites the top two U.S. fly ash marketers and precast concrete stone veneer producers. Sydney-based Boral Ltd. will acquire Headwaters Inc. in a cash deal with enterprise value of approximately $2.6 billion; stockholders will receive $24.25 per share, a 21 percent premium to Headwater’s closing price leading into the merger proposal.
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Headwaters Inc. has acquired the fly ash-centered technology of recently liquidated brick, paver and masonry trim operator CalStar Products. The intellectual property will be integrated into the Block Group, with concrete masonry production and distribution in Texas and Louisiana, through Headwaters Construction Materials, the leader in ASTM C618 fly ash processing and marketing.
Dallas-based cement, aggregate and ready mixed producer Eagle Materials Inc. has appointed Michael Haack to chief operating officer, a post created in response to the company’s continued strategic expansion in construction and energy-related markets. He joins Eagle from Halliburton Energy Services, where over a 17-year career he assumed key operating roles, most recently managing global operations for Sperry Drilling, a multi-billion dollar division serving Halliburton operations in every major global oil and gas market. Haack earned a Master of Business Administration degree from Rice University, and holds a Master of Science degree from Texas A&M University and a Bachelor of Science degree from Purdue University, both in Industrial Engineering.
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