BPB reported last October its decision to acquire control of Gyproc and is now pleased to announce that, following regulatory approvals in five national jurisdictions, it has successfully completed back-to-back transactions and:

• acquired from Etex its plasterboard and plasters business in Belgium and the Netherlands, by increasing the group’s equity participation in Gyproc from 46% to 99%
  
  
• sold Gyproc’s German and Polish plasterboard businesses to Lafarge.

BPB’s further investment in Gyproc has enhanced the group’s European business platform by securing leadership of the Belgian and Dutch markets, providing an opportunity to improve BPB’s customer offering and the operating efficiency of its plant network.


The acquisition involved a net cash consideration (after disposal proceeds of €54.9 million (£35.1 million)) of €28.6 million (£18.3 million) plus €24.8 million (£15.9 million) of assumed debt and is expected to be earnings enhancing in 2003/04.

• BPB is the world leader in the supply of plasterboard and gypsum plasters, and a major supplier of insulation, ceiling tiles and related products for internal linings, serving growing markets for building systems in over 50 countries.
  
  
• BPB will publish its trading update for 2002/03 on 20 March 2003, ahead of the group’s announcement of preliminary results and recommended final dividend for the year to 31 March 2003 due on 22 May 2003.