Foundation Building Materials Announces the Purchase of Certain Assets from Insulation Distributors, Inc.
05 Febrero 2020 - 8:15AM
Business Wire
Foundation Building Materials, Inc. (“FBM” or the “Company”)
(NYSE: FBM), one of the largest specialty distributors of
wallboard, suspended ceiling systems, metal framing, and
complementary products in North America, announced today that it
has purchased two specialty building products branches in Baltimore
and Washington, D.C. from Insulation Distributors, Inc. (“IDI”).
FBM acquired the suspended ceiling systems, wallboard, metal
framing, and commercial insulation product lines of IDI serving the
Baltimore and Washington, D.C. markets. The terms of the
transaction were not disclosed.
IDI is family-owned and operated, and has helped over 3,000
independent insulation contractors successfully profit and grow
their own businesses nationwide. IDI will continue to operate its
branch network nationwide.
“The acquisition of IDI’s specialty building products branches
expands our geographic footprint to the Baltimore and Washington,
D.C. markets and builds our commercial presence in the region,”
said Ruben Mendoza, FBM’s President and CEO. “We welcome the teams
at both locations to the FBM network.”
The Company expects the two branches’ performance to be
consistent with prior years, with an estimated $16 million to $20
million in net sales for the remainder of 2020. This acquisition is
expected to be immediately accretive to the Company with financial
benefits driven by increased scale and savings.
About Foundation Building Materials
Foundation Building Materials is a specialty distributor of
wallboard, suspended ceiling systems, metal framing, and
complementary products throughout North America. Based in Santa
Ana, California, the Company employs more than 3,500 people and
operates over 175 branches across the U.S. and Canada. Learn more
at www.fbmsales.com or follow us on LinkedIn, Twitter, Instagram,
or Facebook.
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 acquisition, the
expected revenue contribution by the acquired companies, the
accretive benefits to FBM’s earnings, 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 assumption that involve risks and
uncertainties, including, without limitation, economic,
competitive, governmental and technological factors outside of
FBM’s control, that 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/20200205005424/en/
Investor Relations Foundation Building Materials John
Moten, IRC, 657-900-3213 VP Investor Relations
Investors@fbmsales.com Or Media Relations Joele Frank,
Wilkinson Brimmer Katcher Jed Repko or Ed Trissel, 212-355-4449
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