Brickworks (ASX:BKW) to acquire Redland Brick

A US subsidiary of building and investment company Brickworks (ASX:BKW) has penned a binding agreement to acquire the assets of Redland Brick for approximately $70 million.

The sale includes five production lines across four manufacturing sites – two in Maryland, one in Pennsylvania and one in Virginia.

The sites boast cumulative sales of around 80 million bricks per year.

The purchase is expected to deliver 3 per cent earnings per share accretion within three years.

Shares in Brickworks (ASX:BKW) are trading 0.3 per cent higher at $18.47.
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Source: Finance News Network