Saint-Gobain has announced completing the acquisition of CSR Limited, establishing a strong presence in the attractive Australian construction market.
CSR is a leading player in building materials in Australia, consisting principally of Building Products (AUD 1.9 billion in sales and an EBITDA margin of 18 percent for the fiscal year ending March 31, 2024), with some of Australia’s most trusted and iconic brands. The acquisition fits extremely well with Saint-Gobain’s worldwide offer on light and sustainable construction.
Benoit Bazin, Chairman and Chief Executive Officer of Saint-Gobain, said, “We are delighted with the timely completion of this major transaction in Australia’s attractive high-growth construction market which is underpinned by solid macroeconomic fundamentals. The acquisition will strengthen our presence in the fast-growing Asia-Pacific markets and is fully aligned with our “Grow & Impact” strategy and our worldwide leadership in light and sustainable construction. We see a tremendous opportunity to build on CSR’s strengths to further accelerate its growth in the region.
“I am very impressed by the CSR teams’ expertise, know-how, and commitment at every level. It is truly a great pleasure to officially welcome them all into Saint-Gobain.”
Management update
Following the delisting of CSR on completion of the transaction, Julie Coates has decided to step away from her role as Managing Director and Chief Executive Officer. Julie will continue to serve as a member of the newly established CSR board to ensure a smooth and successful transition.
Paul Dalton, currently CSR Executive General Manager, Interior Systems, will be appointed Chief Executive Officer at the time of delisting.
Bazin stated, “I would like to take this opportunity to thank Julie for her exceptional contribution and commitment to CSR and to congratulate her for the impressive journey of CSR under her leadership both strategically and in terms of financial results.
“Paul’s appointment as Chief Executive Officer, leading the existing highly-experienced management team, bodes very well for the long-term success of the business, and the continuity of culture, performance and customer-focus as it enters this exciting new chapter. I commend Julie and the CSR Board for having such a seamless succession plan in place.”