Holcim Is Buying Part of James Hardie’s European Business
(Bloomberg) — Holcim Ltd. is acquiring part of the European business of James Hardie Industries Plc for €840 million ($981 million), expanding its building, sustainable flooring and walling solution offerings.
The transaction is expected to close in the first half of 2027, the seller said late Thursday, confirming an earlier report by Bloomberg News. The business includes Fermacell, a maker of gypsum fiberboards, and Aestuver, a line of structural fire protection products.
The acquired company will continue to be led by Christian Claus, who is currently chief executive officer of Fermacell and president of James Hardie Europe. The business was created when James Hardie bought Germany’s Fermacell GmbH in 2018 for €473 million.
The purchase “is a good strategic fit” because it strengthens Holcim’s footprint in high-value interior construction systems, Vontobel analyst Mark Diethelm said in a note on Friday.
Holcim shares rose as much as 0.8% in Zurich. The stock is still down around 10% this year.
With the sale, James Hardie is exiting Europe to focus more on its growth markets in the US and Australia. The company also is closing its unit in Europe that makes fiber cement, which looks like wood and is used for exterior siding and wall panels.
The moves “will enable us to focus on our highest growth and return opportunities,” said James Hardie CEO Aaron Erter. “We believe this divestiture will strengthen our balance sheet, deliver compelling value for our shareholders and position the Fermacell business for long-term success under Holcim’s ownership.”
Holcim has been benefiting from rowing pressure on the construction sector to decarbonize, which is lifting demand for its products. Rising infrastructure activity in Europe and a surge in residential building permits are also seen underpinning its business.
In the first half of the year, Holcim closed six acquisitions and is set to continue to invest in bolt-on purchases. CEO Miljan Gutovic said previously he aims to announce roughly 15 acquisitions by the end of this year.
–With assistance from Levin Stamm and Stefan Nicola.
(Updates with analyst comment in fourth, shares in fifth pararagraph.)
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