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Australia’s Boral (BLD) to sell US fly ash business for $755m

By Andreas Ismar

02:25, 6 December 2021

Demolition of Boral’s old cement kiln in New South Wales, Australia
Demolition of Boral’s old cement kiln in New South Wales, Australia - Photo: Shutterstock

Australia’s Boral will sell its fly ash business in North America for $755m, marking its full exit from the US market as the construction materials producer seeks to focus on domestic market.

Fly ash is a by-product of coal combustion that can be combined with construction materials such as concrete and asphalt. Boral, which has operated the business in the US for 40 years, will sell the business to Eco Material Technologies, which is backed by private equity firms One Equity Partners and Quadrant Management.

“This is a significant milestone that supports our strategy to refocus on our construction materials business in Australia,” Boral’s chief executive Zlatko Todorcevski said in a statement.

Full exit from US

Boral since last year has been divesting its businesses in the US, reversing its earlier course for global expansion following write downs in 2020. In the home market of Australia, Boral’s businesses stayed robust on the back of strong demand from property projects.  

In June, it has signed an agreement with Westlake Chemical Corp to sell its North American building products for $2.15bn.  


43,854.00 Price
+4.250% 1D Chg, %
Long position overnight fee -0.0616%
Short position overnight fee 0.0137%
Overnight fee time 22:00 (UTC)
Spread 106.00


15,857.10 Price
+0.220% 1D Chg, %
Long position overnight fee -0.0263%
Short position overnight fee 0.0041%
Overnight fee time 22:00 (UTC)
Spread 1.8

Oil - Crude

72.79 Price
-0.970% 1D Chg, %
Long position overnight fee -0.0224%
Short position overnight fee 0.0005%
Overnight fee time 22:00 (UTC)
Spread 0.040


0.63 Price
-0.360% 1D Chg, %
Long position overnight fee -0.0753%
Short position overnight fee 0.0069%
Overnight fee time 22:00 (UTC)
Spread 0.01168

Once the fly ash deal finalised next year, Boral would have divested its US businesses for AUD4bn ($3bn).

“For Boral’s shareholders, we have now unlocked substantial value through a successful divestment program,” said Todorcevski.

Shares in Boral surged to as high as AUD6.37 in early session, the highest since 24 November. At midday trade in Sydney, the stock exchanged hands at AUD6.32, a 2.4% jump from Friday’s close.  

Read more: Seven Group sweetens bid for Boral

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The main difference between CFD trading and trading assets, such as commodities and stocks, is that you don’t own the underlying asset when you trade on a CFD.
You can still benefit if the market moves in your favour, or make a loss if it moves against you. However, with traditional trading you enter a contract to exchange the legal ownership of the individual shares or the commodities for money, and you own this until you sell it again.
CFDs are leveraged products, which means that you only need to deposit a percentage of the full value of the CFD trade in order to open a position. But with traditional trading, you buy the assets for the full amount. In the UK, there is no stamp duty on CFD trading, but there is when you buy stocks, for example.
CFDs attract overnight costs to hold the trades (unless you use 1-1 leverage), which makes them more suited to short-term trading opportunities. Stocks and commodities are more normally bought and held for longer. You might also pay a broker commission or fees when buying and selling assets direct and you’d need somewhere to store them safely.
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