MONIER GROUP SELLS STAKE IN MONIERLIFETILE IN THE USA AND MEXICO
Tuesday 06, July 2010
Subsidiaries of the MONIER Group and Boral USA Group on 5 July 2010 signed a contract for the sale of the MONIER Group’s membership interest in MonierLifetile in the USA and Mexico to Boral. The transaction was closed today. Since 1997, the two companies had been partners in a joint venture, with each owning a 50% stake in the concrete roof tile manufacturer. MonierLifetile will now be solely owned by the Boral USA Group with immediate effect. Boral USA is a subsidiary of Boral Ltd., Australia.
Pepyn Dinandt, CEO of the Monier Group, comments: “Among our strategic priorities for sustainable growth are the further optimization of our product portfolio and geographical coverage. The proceeds from the disposal of our stake in MonierLifetile will be invested in our existing businesses, primarily in Europe and Asia, and in innovation projects and external growth opportunities. We retain the full flexibility for any option in the US market in the future.”
Headquartered in Irvine, California, MonierLifetile LLC currently employs some 360 people in the USA. It also controls the MonierLifetile SRL de CV concrete roof tile business in Jalisco, Mexico, which employs some 40 people. MonierLifetile operates twelve roof tile plants in the USA, and a further site in Mexico.
About MONIER
The MONIER Group is the world’s leading provider of building materials for pitched roofs, and innovative roofing, chimney and ventilation systems. Its holding company is headquartered in Luxembourg, and it operates in 42 countries across four continents. Decades of experience, a comprehensive product offering and constant innovation enable the Group to exploit the full potential of the sustainable roofing concept, to the benefit both of customers and of present and future generations. In 2009, the Group employed 9,667 people and generated sales of 1.245 billion euros. For more information, visit www.monier.com.
