Displaying items by tag: DuroLast

US: Holcim has completed its acquisition of roofing systems producer Duro-Last.

CEO Jan Jenisch said "This is another exciting step in the expansion of Solutions and Products, advancing our Strategy 2025 - Accelerating Green Growth." He added "I am excited to welcome all 840 Duro-Last employees to the Holcim family. Duro-Last is a perfect strategic fit for our roofing business. Its proprietary technologies and leading brands complement our offering in the fast-growing North American market. Its energy-efficient systems and excellence in recycling will further advance our leadership in sustainability."

Switzerland: Holcim recorded sales of US$31.2bn during 2022, up by 8.8% year-on-year from US$28.7bn in 2021. Its recurring earnings before interest and taxation (EBIT) were US$5.08bn, up by 3% from US$4.93bn. The group's cement business recorded sales of US$17.5bn, up by 14% on a like-for-like basis. Its EBIT grew to US$3.53bn, up by 1% on a like-for-like basis.

In its Asia Pacific region, Holcim faced high cost inflation in India and reduced demand in China, but reported 'good performance' in Australia. In Europe, the group's cement volumes were ‘softer’ but 'strong pricing' offset cost inflation. It recorded 'strong profitable growth' in Latin America and 'over-proportional recurring EBIT growth' in Middle East - Africa and North America.

Chief executive officer Jan Jenisch said “As we enter 2023, we are continuing our fast pace. We’ve already made seven acquisitions in the first two months of the year, including Duro-Last, a roofing systems leader in the most attractive North American market. We also acquired German roofing leader FDT to expand our commercial roofing presence in Europe, as well as a range of bolt-ons across Europe and the US. I look forward to another year of continued profitable growth and fast-paced transformation, to become the global leader in innovative and sustainable building solutions.”

US: Holcim has signed an agreement with Duro-Last to acquire the roofing systems producer for US$1.29bn. Reuters has reported that the acquisition will be Holcim's largest for all of 2022 and 2023 so far. Once the parties complete the transaction, Duro-Last's business will join Holcim's products and systems division. Holcim expects the deal to yield synergies of US$60m/yr, primarily through a reduction in the cost of materials.

Holcim expects its products and systems division to contribute a majority of its profit in North America once increased investment under the US government's Inflation Reduction Act begins to take effect. In 2022, the division accounted for 40% of regional profit. The group is committed to a global target of 30% of sales being attributable to the products and systems division by 2025, compared to 19% of sales in 2022.