Business
Boral (ASX:BLD) share price falls on sale of its US bricks business
The Boral Limited (ASX: BLD) share price lost ground on Friday after it announced the sale of its US joint venture bricks business.
The Boral share price tumbled 2% to $4.82 compared to the 1.2% decline in the the S&P/ASX 200 Index (Index:^AXJO) today.
The building products supplier announced in the closing moments of trade that it struck an agreement with its JV partner to sell the Meridian Brick business to Wienerberger for US$250 million.
Boral’s divestment yields small profit
Boral will receive half of the proceeds, which should translate to around a $10 million pre-tax profit for the group.
The divestment is subject to the usual conditions and regulatory approvals, but I don’t see any real impediments to the deal. The…
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