Saint-Gobain acquisition clears approval

MALVERN, Pa. — Saint-Gobain announced that its acquisition of Continental Building Products has obtained approval from Continental’s shareholders, while the statutory waiting period for the merger has expired. Upon completion of the approximately $1.4 billion transaction, Saint-Gobain will acquire all the outstanding shares of Continental Building Products for $37 per share in cash. Continental Building Products, a plasterboard manufacturer with 645 employees, is expected to generate 2019 revenues of approximately $510 million. “We are delighted that key leaders of Continental Building Products will be joining our plasterboard business in the U.S.,” said Saint-Gobain COO Benoit Bazin, adding the division will be managed by former Continental CEO Jay Bachmann, reporting to Saint-Gobain North America CEO Mark Rayfield.