Saint-Gobain acquires GCP
Saint-Gobain and GCP Applied Technologies announced they have entered into a definitive agreement for Saint-Gobain to acquire all the outstanding shares of GCP, in cash, in a transaction valued at approximately $2.3 billion.
“The acquisition of GCP is an excellent and significant step for Saint-Gobain to further reinforce its worldwide leadership in construction chemicals and strengthen its geographic presence in North America and emerging markets, both objectives being at the core of our ‘Grow and Impact’ strategic plan,” said Benoit Bazin, CEO of Saint-Gobain.
The acquisition enriches Saint-Gobain subsidiary CertainTeed’s portfolio in North America in the residential as well as the commercial sectors, the company said, in addition to its strong presence in infrastructure. It enhances its ability to provide a wider customer base with innovative solutions and develop roofing and facade systems.
GCP’s recognized high-end innovative solutions will complement the CertainTeed portfolio with their leading presence in roofing underlayment (Ice & Water Shield®) as well as in waterproofing (Preprufe®, Bituthene®), said Saint-Gobain.
GCP Applied Technologies is a global player in specialty construction chemicals with approximately $1.0 billion in revenue, 50 manufacturing plants in 38 countries and employs around 1,800 people. It brings a global platform in cement additives, concrete admixtures, infrastructure and commercial and residential waterproofing, the firm said.
“Thanks to its global platform, significant resources as well as commercial and innovation expertise, Saint-Gobain is perfectly positioned to ensure the success of GCP’s operations and people over the long term,” said Simon Bates, president and CEO of GCP.
The business combination has been unanimously approved by the Boards of Directors of Saint-Gobain and GCP Applied Technologies. Saint-Gobain has obtained undertakings from Starboard and Standard Investments/Standard Industries to vote their respective stakes of 8.9% and 24.2% in favor of the transaction.
Closing of the transaction is subject to GCP shareholders’ approval, antitrust approvals and satisfaction of other customary closing conditions; it is expected to close by year-end 2022.
GCP Applied Technologies makes cement additives, concrete admixtures, infrastructure and commercial and residential waterproofing.
French multinational corporation Saint-Gobain designs, manufactures and distributes materials and solutions for the construction, mobility, healthcare and other industrial application markets.