Brickworks Limited (ASX: BKW) entered into a binding agreement to buy the assets of Redland Brick Inc. for a total value of up to $70 million (US$48 million).
- The acquisition includes four modern manufacturing sites, including two in Maryland and one each in Pennsylvania and Virginia;
- Acquisition of these assets is a quicker and cost-effective way to achieve a modern network of highly utilised manufacturing plants;
- The transaction is expected to complete in February 2020 and add 3% EPS in three years.
At AEST 01:36 PM, the stock was trading at $18.5 per share, up by 0.8% from its previous close.