The Board of BGC (Australia) Pty Ltd (BGC) has made the decision to launch a sale process of its Cementitious division which consists of BGC Asphalt, BGC Cement, BGC Concrete, BGC Quarries, BGC Transport and the company’s Materials Technology Centre. This sale process is part of the orderly divestment of the BGC group as announced in 2018.
BGC Chief Executive Officer Daniel Cooper said:
“After careful consideration and continued strong interest from a number of bidders, we have decided to sell the Cementitious division as a standalone business. This approach has already proven beneficial as seen through our sale last year of the Plasterboard and Fibre Cement division.”
“We believe that selling the Cementitious division separately will have enhanced strategic appeal to a number of bidders which should result in a better outcome for BGC, its customers and employees of the businesses involved.”
“Macquarie Capital will conduct a targeted competitive sale process with the objective of concluding a sale within the next 12 months.”
“There will be no change to our day-to-day operations as the sale process plays out. Our focus will remain on managing safe workplaces and continuing to deliver for our customers.”
“For those customers who are building with us, I want to reassure you we remain firmly focused on completing your home as fast as possible. Since we ceased taking new home orders in April 2023 we have handed over in excess 1800 homes. We are making good progress, with 90% of homes having passed the lock up stage.
“Current completion rates are significantly higher, and we are now handing over 40-50 sets of keys per week.”
BGC retains a significant business of circa 1,000 employees, centred around the growing residential construction industry. This business includes Midland Brick, BGC Housing Group, BGC Construction and the BGC Building Products division.
“These businesses will continue to be driven by the highest level of building approvals since the COVID stimulus and the ongoing shortage of housing in WA.”
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