BPB is pleased to announce that, following regulatory clearance and the satisfaction of other technical conditions, it has completed with effect from 25 April 2002 the acquisition of all the issued share capital of James Hardie Gypsum Inc and Western Mining and Minerals Inc, which together comprised the US wallboard business of James Hardie Industries NV.

The purchase consideration paid was US$345 million (around £240 million) in cash on a debt-free basis and was financed using existing committed debt facilities and the net proceeds of £105 million from a placing of 30 million new BPB ordinary shares made last month.

Commenting on the deal, Richard Cousins, BPB's Chief Executive said:

"Completion of the acquisition marks an important step forward in BPB's strategy of strengthening its direct presence in the huge US internal linings market and increases our North American market share to 16%.

BPB is now the global market leader in plasterboard, selling a total of over one billion square metres per annum."

BPB is a world leader in the supply of plasterboard, plasters, insulation, ceiling tiles and related products for internal linings, serving growing markets for building systems in over 50 countries.

Group results for the year to 31 March 2002, together with the recommended final dividend, will be announced on 30 May 2002.





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