Eager to sunset its presence this side of the Pacific, Australia’s Boral Ltd. entered a late-2021 agreement to sell its North American fly ash business to Eco Material Technologies Inc., an entity backed by New York City-based One Equity Partners and Quadrant Management Inc. With a projected closing no later than 2022 Q3, the $755 million deal spans West Jordan, Utah-based Boral Resources, far and away the largest Class F fly ash source in the U.S., plus sister coal combustion product management businesses Boral Plant Services, LA Ash and Synthetic Materials.
Boral Resources reports 7 million-plus tons of concrete-grade fly ash shipments within its annual management of 20 million tons of coal combustion products. The company has CCP management contracts at more than 100 power plant sites, serving concrete and cement customers directly or from 30 freestanding terminals across the country. An internal ash distribution fleet includes 1,750 railcars and more than 400 bulk tankers.
“We have undertaken a rigorous and competitive process to determine the best outcome for Boral in relation to the Fly Ash business,” said CEO Zlatko Todorcevski. “For shareholders, we have now unlocked substantial value through a successful divestment program. Together with the sale of the North American Building Products business and our stake in Meridian Brick, following finalization of [the Boral Resources] transaction we will have divested the North American businesses for more than (US) $3 billion. This is a significant milestone that supports our strategy to refocus on construction materials in Australia. This change of ownership to Eco Materials Technologies, which is focused on growing the business, will be a positive outcome for our people and customers in the Fly Ash business.”
Boral Resources’ intellectual property includes Carbon Burn-Out, an energy-neutral or -negative process converting sub-par coal combustion products to ASTM C618 fly ash.
Eager to sunset its presence this side of the Pacific, Australia’s Boral Ltd. entered a late-2021 agreement to sell its North American fly ash business to Eco Material Technologies Inc., an entity backed by New York City-based One Equity Partners and Quadrant Management Inc. With a projected closing no later than 2022 Q3, the $755 million deal spans West Jordan, Utah-based Boral Resources, far and away the largest Class F fly ash source in the U.S., plus sister coal combustion product management businesses Boral Plant Services, LA Ash and Synthetic Materials.
Boral Resources reports 7 million-plus tons of concrete-grade fly ash shipments within its annual management of 20 million tons of coal combustion products. The company has CCP management contracts at more than 100 power plant sites, serving concrete and cement customers directly or from 30 freestanding terminals across the country. An internal ash distribution fleet includes 1,750 railcars and more than 400 bulk tankers.
“We have undertaken a rigorous and competitive process to determine the best outcome for Boral in relation to the Fly Ash business,” said CEO Zlatko Todorcevski. “For shareholders, we have now unlocked substantial value through a successful divestment program. Together with the sale of the North American Building Products business and our stake in Meridian Brick, following finalization of [the Boral Resources] transaction we will have divested the North American businesses for more than (US) $3 billion. This is a significant milestone that supports our strategy to refocus on construction materials in Australia. This change of ownership to Eco Materials Technologies, which is focused on growing the business, will be a positive outcome for our people and customers in the Fly Ash business.”
Boral Resources’ intellectual property includes Carbon Burn-Out, an energy-neutral or -negative process converting sub-par coal combustion products to ASTM C618 fly ash.