On-Market Share Buyback to Return Surplus Capital From USG Boral Divestment to Boral Shareholders

Boral is Australia’s largest construction materials supplier. It is an integrated aggregate, cement and concrete player with AUD 3.1 billion construction materials sales in fiscal 2020. Following the acquisition of Headwaters Inc. in May 2017, Boral has is also the largest fly ash marketer in the U.S. with an approximate 50% market share and sales of USD 540 million in fiscal 2020. Boral's strategy is presently in flux, with new CEO Zlatko Todorcevski having joined the construction materials player in early July 2020. However, Todorcevski's initial review of Boral's portfolio of businesses has completed. A refocus on Boral's core Australian construction materials and U.S. fly ash marketing businesses seems the likely strategic direction for Boral under Todorcevksi.