Sources: Boral Ltd., North Sydney, Australia; CP staff
Boral Ltd. Managing Director Zlatko Todorcevski confirms in investor guidance accompanying the August 24 release of FY2021 results that “following a detailed assessment of strategic options, we are now entering the final stages of a divestment of our North American fly ash business.” The writing was on the wall for Boral Resources—the parent’s sole North American holding not part of a pending transaction—after last month’s announcement of the planned sale of Atlanta-based Boral Building Products to Westlake Chemical, Houston.
Unloading Boral Resources, which reported July 2020-June 2021 fly ash shipments of about 6.5 million tons, will add to the $3.2 billion in proceeds Boral Ltd. is booking with deals involving Building Products, plus 50 percent stakes in the USG Boral and Meridian Brick joint ventures.
“We have made substantial progress transform[ing] into a stronger, better performing, more customer-focused organization, with a core portfolio of businesses that deliver value throughout the cycle,” Todorcevski tells investors, as the producer prepares to leave North America and other markets outside Australia in the rearview mirror. “We have implemented a new operating model [that] sees Boral moving from a siloed regional structure to an integrated operating company organized along national product lines.”