At the end of October 2020 an agreement was reached between Knauf and Boral for Knauf to acquire 100% of the USG Boral business in Australia and Asia. In order to satisfy the ACCC undertaking that Knauf entered into when it acquired USG, the existing Knauf Australia business had to be sold.
The Knauf Group has now accepted an offer from Etex to purchase the plasterboard and metal business of Knauf in Australia.
Once the transaction is complete, the Knauf Australia business will become part of the Etex Group (www.etexgroup.com).
Etex is a global manufacturer of lightweight building products headquartered in Belgium. The group has a proven track record spanning over a century. In 2011, when Knauf acquired the Lafarge business in Australia, Etex acquired the Lafarge assets in Europe and South America.
“I am very excited about the synergies that Etex will bring to our business, with not only its plasterboard products and expertise, but also its other light weight building materials solutions. Etex is known for its excellent customer service, innovative solutions and a strong focus on workplace health and safety,” said Knauf Australia Managing Director Gavin Burton.
The transaction is subject to customary regulatory approvals and completion of the deal is expected in the first quarter of 2021.
The Etex Group is purchasing Knauf Australia as a going concern, and the existing employees in Australia (including the management team) will continue to operate the business in Australia.