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USG Corporation announced its 50/50 joint venture with Boral Limited, to be named USG Boral Building Products, as part of a strategic move to synergistically blend their branding, geographic impact and expertise in the burgeoning plasterboard market in Asia, Australasia and the Middle East.
The venture will include Boral's Gypsum division, which includes its plasterboard operations in Australia and Asia, as well as USG's Asian and Middle Eastern businesses. Additionally, USG will contribute exclusive access to its competitive products and technologies.
“We are excited by the prospects for profitable growth through this strategic partnership," said USG chairman, president and CEO Jim Metcalf. "We have long been focused on our strategic plan to diversify our earnings and differentiate our business through innovation. The joint venture with Boral, Asia’s leading plasterboard manufacturer and distributor, gives USG the reach to immediately expand our world-leading building products operations outside North America, and enables both companies to more effectively capitalize on market opportunities in some of the world’s highest growth construction markets."
New technologies will be introduced over the course of the next two years by the joint venture, which will self-fund its investment of $50 million. Synergies are expected to exceed the initial pricetag within three years.
Frederic de Rougemont, CEO of Boral Gypsum, will be the appointed CEO of the joint venture.