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Ibstock sells Glen-Gery for $110m, reaffirms full-year outlook

By BFN News | 07:36 AM | Friday 23 November, 2018

Ibstock said Friday it had sold US brick manufacturing business Glen-Gery to Brickworks for $110m and confirmed that guidance for the full-year remained unchanged. As part of the transaction, Brickworks would assume certain liabilities, including an associated pension liability, and the net cash inflow for the group was expected to come in at about $95m, Ibstock said. The proceeds from sale would be used to repay debt, with net debt expected to drop to £50m by the end of the year, the company said. The company also announced it had generated proceeds of £3.7m from a further sale of surplus land which, added to the proceeds from the sale of the Glen-Gery would result in a total earnings (EBITDA) impact of £9.5m for the year. Ibstock said that it remained on course to deliver adjusted earnings (EBITDA) in the range of £121m to £125m for the year ended 31 December. 'Whilst the uncertainty around the ongoing negotiations for the UK's withdrawal from the EU persists, the market backdrop in the new build housing sector remains positive,' Ibstock added. Story provided by

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