Saint-Gobain has confirmed a deal with CSR. Image: Gilles Trillard/Saint-Gobain
Saint-Gobain has confirmed and finalised its acquisition of Australian building materials supplier CSR in a significant agreement for both companies.
The European-based company finalised the agreement in July after earlier this year announcing its intention to acquire CSR, which has some of Australia’s most recognisable building materials brands.
According to Saint-Gobain, the acquisition complemented its existing focus on light and sustainable construction.
“We are delighted with the timely completion of this major transaction in Australia’s attractive high-growth construction market, which is underpinned by solid macroeconomic fundamentals,” Benoit Bazin, chief executive officer and chairman of Saint-Gobain, said.
“The acquisition will strengthen our presence in the fast-growing Asia-Pacific markets and is fully aligned with our “Grow & Impact” strategy and our worldwide leadership in light and sustainable construction.
“We see a tremendous opportunity to build on CSR’s strengths to further accelerate its growth in the region. I am very impressed by the CSR teams’ expertise, know-how, and commitment at every level. It is truly a great pleasure to officially welcome them all into Saint-Gobain.”
The finalisation of the transaction also saw Julie Coates step away from her role as CSR’s managing director and chief executive. In her place, Paul Dalton was promoted to chief executive officer.
“With the transaction now complete, I’ve made the decision that the time is right for me to hand over the privilege of leading this wonderful business,” Coates said.
“CSR shares strong cultural and strategic alignment with Saint-Gobain and will now benefit from the shared best practice and resources of a global leader in our industry, notably in terms of growth, innovation, operational excellence and sustainability.
“I look forward to following the successful journey in my continuing role on the newly established CSR board.”
Dalton said he was humbled by his appointment to the top job and thanked Coates for her time in the role.
“It is a great honour to be asked to lead this wonderful CSR team and organisation. Having already spent more than 30 years of my professional life in the construction industry, I look forward to our continued strong profitable growth in the building solutions market in Australia and New Zealand, under the Saint-Gobain umbrella,” he said.
“I would like to thank Julie Coates for her incredible leadership. I’m thrilled by this deal with Saint-Gobain and all the potential it will unleash and look forward to working closely with the Saint-Gobain team as we continue to innovate and deliver for our customers, our team, and our business.”
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