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Etex appoints Agustin Cozzi as new manager at Colombian plasterboard subsidiary
Written by Global Gypsum staff
09 April 2015
Colombia: Etex has appointed Agustin Cozzi as the top manager in Gyplac, a manufacturer of plasterboards based in Cartagena. The change follows the retirement of Felipe Montes after 23 years as head of Skinco Colombit. Mauricio Lopez, who was previously a manager at Gyplac, has become the top manager of Skinco Colombit, a firm with a factory for fibre cement products in Manizales. Miguel Fernando Rangel has been appointed as Etex's new top manager at the helm of Ceramica San Lorenzo, a manufacturer of floor and wall tiles in Sopo.
Al Mueller joins PABCO Building Products
Written by Global Gypsum staff
08 April 2015
US: Al Mueller has joined the PABCO Building Products LLC board of managers with effect from 1 April 2015. Following Mueller's retirement as PABCO's president, he served on the Basalite Concrete Products LLC board of managers and will continue to do so going forward. Mueller gained a wealth of experience in the gypsum, roofing and paper industries, while providing leadership during his tenure as PABCO's president. His knowledge and expertise of both the industry and the operations will be a very valuable addition to the board.
GMS acquires J&B Materials
Written by Global Gypsum staff
26 March 2015
US: Gypsum Management and Supply Inc (GMS) has made a strategic entrance into the California and Hawaii markets by acquiring San Diego-based J&B Materials Inc and its affiliated Hawaiian operation, Pono Building Materials LLC.
"We are pleased to bring J&B Materials and Pono Building Materials into the GMS family," said Mike Callahan, president of GMS. "Their commitment to delivering exceptional service, knowledgeable personnel and an expansive product suite with a focus on safety fits well within our culture. This partnership provides us with an excellent opportunity to expand our service area into California and Hawaii while enhancing our West Coast coverage."
J&B Materials has locations in El Cajon, Escondido, Riverside and El Centro in California and one in Honolulu, Hawaii. J&B offers a wide variety of building products including wallboard, stucco, lath and plaster and fasteners among others.
Don Taylor, the GMS vice president of operations for the western region, sees the acquisition as a key step in growing the GMS footprint in California and the whole southwestern US. "We feel that J&B, with its exceptional customer relationships and strong brand name, will be a key component to further expansion. With Bob and Jeff Young joining our team, this will give us the additional management depth to continue our growth," said Taylor.
Transnational Group to produce gypsum from new Nevada mines
Written by Global Gypsum staff
20 March 2015
US: Transnational Group Inc has exchanged executed Letters of Intent with Nevada Outdoor School to secure rights to mine gypsum on several claims located in southern Nevada that comprise Mount Vista Gypsum Property. Transnational Group expects the project to yield over 600,000t/yr of gypsum and could begin producing during the third quarter of 2015.
Boral flags US$182m buyback as sell-offs boost balance sheet
Written by Global Gypsum staff
19 March 2015
Australia: Boral will repurchase up to US$182m of its shares after a string of divestments bolstered the company's balance sheet. It intends to buy back up to 5%, or about 39 million shares, of its issued capital on-market over the next 12 months.
Boral chief executive Mike Kane said that the completion of a number of transactions, including the US$127m sale of its Western Landfill business in Melbourne to Transpacific Industries, had allowed for the share repurchase.
"This buyback reflects Boral's commitment to efficient capital management and delivering improved returns to shareholders," said Kane. "At the same time, we are maintaining flexibility to respond to changes in market conditions and to take advantage of appropriate growth opportunities that may present in the future." Kane had already flagged acquisitions in Asia and North America and said that Boral was too unbalanced towards Australia.
Boral received US$500m as part of an agreement with USG Corporation to sell half of its Australasian wallboard assets into a joint venture. It is on target to receive further performance-based payments of up to US$57.7m over the next three years.
Boral was reportedly considering a sell-off of its building products division, but indicated it would instead look for savings through cost-reduction programs and joint ventures. A brickmaking joint venture with CSR will proceed after receiving approval from the Australian Competition & Consumer Commission, with the expectation of savings of between US$5.39 – 7.69m between Boral and CSR.