Sources: Glen-Gery Corp., Wyomissing, Pa.; CP staff
A major player in U.S. brick production and distribution is set to change hands by year’s end as its parent company focuses on core United Kingdom markets. Ibstock plc of Leicestershire, England, has entered into an agreement to sell Glen-Gery Corp. to Brickworks Ltd. of New South Wales, Australia, for $110 million.
A deeply rooted brand strongest in the Northeast and Midwest, Glen-Gery has one veneer stone and nine clay brick plants, plus 10 retail showroom and supply centers. With annual sales upward of $120 million, it will represent just over 15 percent of revenue at Brickworks, Australia’s largest brickmaker and a leading source of building and hardscape units on its home turf and New Zealand.
“We believe the transaction is an ideal market entry into the attractive U.S. industry, with Glen-Gery having established a leading market position in its core geographic area and a reputation for excellent product quality,” says Brickworks Building Products North America President Mark Ellenor. “By combining these two great businesses, we can learn from each other and become even better.”
“As leaders in our respective markets, we look forward to the potential for strengthening and expanding our combined companies,” adds Glen-Gery President Greg Silvestri. “Our partnership with Brickworks will enable shared technology advancements and innovations, and the expansion of Glen-Gery’s product diversity and market coverage.”