Knauf completes USG acquisition
Gebr. Knauf KG (Knauf) has completed its $7 billion acquisition of USG.
Under terms of the deal, USG stockholders will receive $43.50 in cash for each share of USG common stock held at the time of the merger. The price is a dividend of $0.50 per share of USG common stock that was previously paid on Oct. 2, 2018 to holders of record as of the close of business on Aug. 21, 2018.
Shares of USG common stock will cease trading on the New York Stock Exchange and the Chicago Stock Exchange and will be delisted from the NYSE and CHX.
“This transformational transaction is the largest acquisition in Knauf’s history and, accordingly, presents significant opportunities to create a stronger, more sustainable company for our employees, customers and communities,” said Alexander Knauf, general partner of Knauf. “We greatly admire USG’s strong brands, leading market positions in North American wallboard and ceilings, and highly talented employee base.”
Chris Griffin takes over as CEO of USG following the merger. Griffin is an 18-year veteran of USG who previously served as chief operating officer.
“I am excited to be back at USG, working with a talented USG team and Knauf leadership to make this combination a huge success. Our immediate priorities are ensuring a smooth transition for our employees, helping our customers be successful by putting them at the center of everything we do and driving operational excellence across the business,” Griffin said.
In January, Knauf announced that most of USG’s leadership team – including CEO Jennifer Scanlon – would be departing the company.
German-based Knauf is a building materials manufacturer with more than 220 factories worldwide. In 2018 the company generated revenue of more than $8 billion.
Under terms of the deal, USG stockholders will receive $43.50 in cash for each share of USG common stock held at the time of the merger. The price is a dividend of $0.50 per share of USG common stock that was previously paid on Oct. 2, 2018 to holders of record as of the close of business on Aug. 21, 2018.
Shares of USG common stock will cease trading on the New York Stock Exchange and the Chicago Stock Exchange and will be delisted from the NYSE and CHX.
“This transformational transaction is the largest acquisition in Knauf’s history and, accordingly, presents significant opportunities to create a stronger, more sustainable company for our employees, customers and communities,” said Alexander Knauf, general partner of Knauf. “We greatly admire USG’s strong brands, leading market positions in North American wallboard and ceilings, and highly talented employee base.”
Chris Griffin takes over as CEO of USG following the merger. Griffin is an 18-year veteran of USG who previously served as chief operating officer.
“I am excited to be back at USG, working with a talented USG team and Knauf leadership to make this combination a huge success. Our immediate priorities are ensuring a smooth transition for our employees, helping our customers be successful by putting them at the center of everything we do and driving operational excellence across the business,” Griffin said.
In January, Knauf announced that most of USG’s leadership team – including CEO Jennifer Scanlon – would be departing the company.
German-based Knauf is a building materials manufacturer with more than 220 factories worldwide. In 2018 the company generated revenue of more than $8 billion.