Saint-Gobain Buys Continental

Saint-Gobain buys Continental.
   
Cie de Saint-Gobain buys Continental Building Products for $1.4 billion.
   
Continental manufactures a top-tier platform of gypsum wallboard and complementary finishing products in US and Canadian plants.  These are marketed under the Bison brand and logo.  The deal is part of Saint-Gobain’s portfolio optimization strategy.  Continental will be merged into a newly formed subsidiary, to make and distribute materials for homes, commercial buildings, and infrastructure projects.
   
Pierre-André de Chalendar and Benoit Bazin of Saint-Gobain said: ‘The acquisition of Continental Building Products is a unique opportunity allowing Saint-Gobain to move to the forefront of plasterboard and construction solutions in North America.  With the strong industrial platform and expert teams that Continental Building Products brings, Saint-Gobain will be able to speed up the deployment of its innovative product offering to better serve customers.  We are impressed by the quality of work accomplished by the Continental Building Products’ teams over many years and are happy to welcome them to Saint-Gobain.  We share the same industrial and commercial cultures as the Continental Building Products’ teams and are confident that together we can leverage our expertise and know-how to drive sustainable and profitable growth, to the benefit of our customers and the end consumer.  This transaction will enable Saint-Gobain to enhance its growth and profitability profile, in line with the Transform & Grow program, and to create value for our shareholders.’
   
Edward Bosowski and Jay Bachmann of Continental said: ‘This is an exciting day for Continental Building Products, our shareholders, customers, and employees and is the culmination of the hard work of our highly talented workforce.  Saint-Gobain is the ideal strategic partner with the resources to support our development, commitment to operational excellence, and global platform that will enable us to continue to provide outstanding customer service.  We believe this is a terrific outcome for our shareholders and thank the teams at Continental Building Products for the fantastic work they have done over many years.
   
Building on our successful accomplishments since 2013, we are happy to reach this agreement with Saint-Gobain and to provide liquidity, certainty, and value to our stockholders.  We believe our combined business will be better positioned to enhance our product offerings, customer relationships, and operating platform.  With our mutual focus on dedicated service to customers and operational excellence, we believe this transaction provides an opportunity to benefit all our stakeholders.’
   
Lazard and Morgan Stanley served as financial advisors to Saint-Gobain.  Cleary Gottlieb Steen & Hamilton served as legal advisor.
   
Citigroup served as financial advisor to Continental Building Products.  Gibson, Dunn & Crutcher served as legal advisor.

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