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James Hardie Industries has completed its previously announced acquisition of The AZEK Co., Chicago, Il., in an $8.4-billion cash-and-stock deal.
“I want to thank our James Hardie teammates for their focus and dedication to our customers, and to the AZEK team, I am pleased to formally welcome you to James Hardie,” said Hardie CEO Aaron Erter. “Together, we are a stronger team and have never been better positioned to serve our customers and create value for all our stakeholders. As a combined organization, our purpose of Building a Better Future for All™ will drive our continued success as a leading provider of exterior home and outdoor living solutions.”
James Hardie now features a portfolio of high-performance, low-maintenance exterior brands, including Hardie, TimberTech, AZEK Exteriors, Versatex, StruXure, Ultralox and Intex. Collectively, James Hardie brands offer incredible value, as well as endless design possibilities for homeowners looking for siding, decking, trim, railing, and pergolas.
The combination of James Hardie and AZEK creates a company with an accelerated growth rate, peer-leading profitability and robust cash generation. James Hardie intends to use its strong financial profile to support organic growth, deleverage and fund ongoing share repurchases.
With completion of the transaction, AZEK stock has ceased trading and is no longer listed on the New York Stock Exchange.
As previously announced, Erter and Rachel Wilson will continue to serve as CEO and chief financial officer. Jon Skelly has been appointed president – AZEK Residential, Sam Toole will join James Hardie as chief marketing officer, AZEK brands, and Chris Russell will join James Hardie as VP, global strategy and corporate development.
Additional members of James Hardie’s Executive Leadership team include: Farhaj Majeed, chief HR officer; Tim Beastrom, chief legal officer; Sean Gadd, president, James Hardie, North America; Joe Liu, chief technology officer; James Johnson II, chief information officer; Ryan Kilcullen, chief operations officer; John Arneil, president, Asia Pacific; Christian Claus, president, Europe; Joel Wasserman, VP, corporate communications and James Hardie global brand management; and Jeff Wrobel, VP, integration management office.
Jesse Singh, Howard Heckes, and Gary Hendrickson will join the James Hardie board of directors.
