Items filtered by date: Friday, 28 June 2024

UAE: France-based Saint-Gobain has entered a definitive agreement to acquire construction chemicals producer Fosroc for US$1.03bn. Fosroc produces concrete admixtures, sealants and waterproofing products. It operates 20 plants and employs 3000 people, with a strong presence in Asia-Pacific and the Middle East. Completion of the deal is expected by 30 June 2025.

Saint-Gobain chair and CEO Benoit Bazin said "The acquisition of Fosroc is perfectly aligned with our Grow & Impact strategic plan: it is a unique opportunity for Saint-Gobain to further reinforce its worldwide presence in construction chemicals, and to strengthen its presence in high-growth emerging markets, in particular in India and the Middle East. I am very impressed with Fosroc's leadership, its strategy and its impressive development, as well as the team's track record of excellent execution and profitable growth. The combination of the two groups will allow us to expand our profitable growth platform in construction chemicals. I am looking forward to warmly welcoming the Fosroc teams into the group and I am very confident about the combination of our joint forces."

Fosroc CEO Rob Bonnici said "The opportunity to join Saint-Gobain, worldwide leader in light and sustainable construction and a global player in construction chemicals is the perfect next step to enhance our offer by leveraging Saint-Gobain's innovation and technology in construction chemicals. I look forward to continuing our growth journey within Saint-Gobain."

US: The ready-mix concrete and heavy building materials producer Knife River Corporation has appointed Patricia Chiodo to its board of directors. Chiodo will serve on the board's audit and compensation committees. The company says that she brings a ‘wealth of financial expertise.’ She previously held the position of chief financial officer at Verra Mobility Corporation, from which she stepped down in 2022, prior to which she was chief financial officer at RSC Holdings. Chiodo is also a member of UNS Energy Corporation’s audit committee and has served on the audit committee of Embark Technology.

Knife River Corporation chair Karen Fagg said "Tricia is an accomplished business leader with experience in corporate strategy, mergers and acquisitions, risk management and capital markets. When we chose to expand the board and add another independent director, we were looking for someone with Tricia's combination of financial expertise, experience with public companies and proven skills as a team builder. She is a great addition to the board, and we look forward to working with her as we continue to grow Knife River."