Boral

For Boral, West Bengal, see Garia. For other uses, see Boral (surname).

Boral Limited
Company typeSubsidiary
ASX: BLD
IndustryBuilding and construction materials
Founded4 March 1946 (1946-03-04)
FounderDavid Craig
HeadquartersNorth Ryde, New South Wales, Australia
Key people
  • Ryan Stokes (chairman)
  • Vik Bansal (CEO & managing director)
Products
Revenue$3.46 billion (2023)
$232 million (2023)
ParentSeven Group Holdings
Websiteboral.com.au

Boral Limited is an Australian construction materials company manufacturing. It is owned by Seven Group Holdings.

History

Boral was founded by David Craig on 4 March 1946 as Bitumen and Oil Refineries (Australia) Limited with Caltex having a 40% shareholding. In March 1947, it opened Matraville Refinery, Australia's first bitumen and oil refinery.[1] In 1963, the company was renamed Boral Limited having been commonly referred to by its acronym since it commenced trading. In 1964, it purchased the Gas Supply Company with 28 coal gas companies in New South Wales, Queensland and Victoria. In 1968 Boral sold a 50% stake in its refining business to Total, before selling it the remainder in January 1972.[2] In 1969, it entered the building materials industry through a number of acquisitions.[3][4]

In 1979, Boral entered the United States market, purchasing a 55% shareholding in California Tile from Amalco. In February 1987 Boral purchased cement manufacturer Blue Circle Southern Cement from BHP and Blue Circle Industries.[5][6] In 1990, Midland Brick was purchased.[7]

In January 2000, Boral sold its tyre business to Bridgestone.[8] In February 2000, Boral's energy assets were spun off into a separate listed entity, Origin Energy.[9]

In December 2020, Boral sold Midland Brick to the Buckeridge Group of Companies.[10] This followed Boral selling its bricks business on Australia's east coast in 2016.

In April 2021, Boral divested its plasterboard business, completing the process with the sale of its 50 per cent interest in the USG Boral joint venture to Knauf for US$1 billion.[11] In May 2021, Seven Group Holdings launched a takeover offer.[12] In June 2021, Boral sold its United States operations to Westlake Chemical.[13]

In July 2021, Seven gained control of Boral with a 70% shareholding.[14] In February 2024, Seven Group Holdings launched a takeover offer for the remainder of the shares it did not own.[15] It was rejected by Boral's board.[16] After revising the offer, Seven Group Holdings gained full ownership of Boral in July 2024 and the company was delisted from the ASX.[17]

References

  1. ^ Boral’s History 1946 – 1949 Boral
  2. ^ Boral shareholders approve Canberra Times 4 April 1968 page 25
  3. ^ 1960 - 1969 Boral
  4. ^ 1970 - 1979 Boral
  5. ^ Blue Circle cements $100m Boral profit Canberra Times 8 March 1988 p. 23
  6. ^ 1980 - 1989 Boral
  7. ^ 70 Years building WA Midland Brick
  8. ^ Bridgestone buys Boral's tyre business Truck & Bus Transportation March 2000 page 15
  9. ^ Admission to Official List Australian Securities Exchange 4 January 2011
  10. ^ BGC's proposed acquisition of Midland Brick not opposed Australian Competition & Consumer Commission 17 December 2020
  11. ^ Baird, Lucas. Boral launches share buyback after $1.3b divestment Australian Financial Review 1 April 2021
  12. ^ Deare, Steven. Boral asks investors to reject Seven bid The West Australian 11 May 2021
  13. ^ Boral agrees to sell its North American building products business Boral 21 June 2021
  14. ^ Notice of change of interests of substantial holder Boral 30 July 2021
  15. ^ Daunt, Adam (20 February 2024). "Boral recommends 'no action' for shareholders after Seven's billion-dollar bid". Quarry. Retrieved 11 July 2024.
  16. ^ Boral rejects Seven Group Holdings $3.1bn takeover offer Business News 19 March 2024
  17. ^ Daunt, Adam (4 July 2024). "Seven Group Holdings speak about 'successful' Boral takeover". Quarry. Retrieved 11 July 2024.

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