Sale of Australasia Business
04 July 2007NSG Group has announced the sale of Pilkington Australasia to CSR Limited for just over £300 million. The transaction covers all of the Group’s Building Products and Automotive operations in Australia and New Zealand.
CSR is a leading diversified manufacturing company with operations throughout Australia as well as in Asia and New Zealand, with major operations in Building Products, sugar and aluminium. They are listed on the Australian Stock Exchange with a market capitalisation of around A$3 billion.
As there is no requirement for regulatory or other clearances in the Australasia market, the sale is effective immediately. NSG Group will continue to support the Australasian business in accordance with technical assistance agreements that were part of the sale process.
Stuart Chambers, Chief Executive Flat Glass, said "This disposal is consistent with Phase 1 of the Group's ten year strategy, and I am pleased that we have agreed a price which represents a good deal for our shareholders as well as for the new owners of the business.
I thank our colleagues in Pilkington Australasia for their strong and valued contribution to the Group in the past and wish them all the best for a successful future under new ownership".