Foundation Building Materials Completes the Sale of the Mechanical Insulation Business
01 Novembro 2018 - 6:15PM
Business Wire
Foundation Building Materials, Inc. (“FBM” or the “Company”)
(NYSE:FBM), one of the largest specialty distributors of wallboard,
suspended ceilings, and metal framing in North America, announced
today that it has completed the sale of its mechanical insulation
segment (the “MI Business”). As consideration for the MI Business,
the Company received $122.5 million, which remains subject to
certain adjustments, and plans to use the net proceeds to pay down
its revolving credit facility.
About Foundation Building
Materials
Foundation Building Materials is a specialty distributor of
wallboard, suspended ceiling systems, and metal framing
throughout North America. Based in Tustin, California,
the Company employs more than 3,400 people and operates more than
170 branches across the U.S. and Canada.
Forward-Looking
Statements
This press release contains forward-looking statements, which
are subject to the safe harbor provisions of the Private Securities
Litigation Reform Act of 1995. Forward-looking statements include,
without limitation, any statements regarding the expected benefits
to FBM and its shareholders from completing the divestiture of its
MI Business and the expected benefits of the completed transaction
and the debt reduction strategy, and may contain words such as
“believe,” “anticipate,” “expect,” “estimate,” “intend,” “project,”
“plan,” or words or phrases with similar meaning. Forward-looking
statements should not be read as a guarantee of future performance
or results and will not necessarily be accurate indications of the
times at, or by, which such performance or results will be
achieved. Forward-looking statements are based on current
expectations, forecasts and assumptions that involve risks and
uncertainties, including, without limitation, economic,
competitive, governmental and technological factors outside of
FBM’s control, which may cause the business, strategy or actual
results to differ materially from the forward-looking statements.
We do not intend, and undertake no obligation, to update any
forward-looking statements, whether as a result of new information,
future events or otherwise, except as may be required by applicable
law. Investors are referred to our filings with the Securities and
Exchange Commission, including our Annual Report on Form 10-K and
our Quarterly Reports on Form 10-Q for additional information
regarding the risks and uncertainties that may cause actual results
to differ materially from those expressed in any forward-looking
statement.
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version on businesswire.com: https://www.businesswire.com/news/home/20181101006062/en/
Investor RelationsFoundation
Building MaterialsJohn Moten, 657-900-3213VP Investor
RelationsJohn.moten@fbmsales.comorMedia RelationsJoele
Frank, Wilkinson Brimmer KatcherJed Repko or Ed Trissel, 212
355-4449
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