Boral Limited announced it has entered an agreement with a subsidiary of Westlake Chemical Corporation to sell its North American Building Products business for $2.15 billion.

Houston-based Westlake is a manufacturer of packaging and healthcare products as well as automotive and consumer goods and building and construction products. Boral’s North American building products businesses employ approximately 4,600 employees at 29 manufacturing sites in the U.S. and Mexico. Boral’s building products businesses generated revenues in excess of $1 billion in 2020.

“We are confident that this change of ownership to Westlake, with its strong history and focus on innovative exterior building products, will support the prospects for our North American Building Products business, which includes roofing, stone, light building products and windows businesses,” said Boral CEO and Managing Director Zlatko Todorcevski in a written statement.

The transaction is expected to be completed in the first half of fiscal year 2022, allowing for the regulatory approval process.

“This transaction will bring well-established and high-quality architectural solutions and premium product brands in roofing; siding, trim and shutters; decorative stone; and windows to complement our existing businesses, including Royal Building Products’ siding, trim and molding, DaVinci composite roofing, NAPCO Pipe and Fittings, and specialty PVC compounding business,” said Westlake President and CEO Albert Chao.

Boral has owned and operated building products businesses in the U.S. for more than 40 years. Todorcevski said the company recognizes and value the contribution that its North American building products’ employees and customers have made to the Boral Group over that time. Boral and Westlake say they will work together to ensure a smooth transition for customers and employees.

“The combination of Boral North America’s product lines with Westlake’s building products businesses will greatly expand our housing-related building products business and extend our presence in North America. We look forward to welcoming the Boral employees to the Westlake family and realizing the tremendous opportunities to grow the combined businesses,” said Chao.

As part of the review of Boral’s North American Fly Ash business (announced on April 15), Boral is continuing to explore value creation opportunities through a potential joint venture, strategic alliance, divestment to a third party or continued ownership of the Fly Ash business. Updates on this are expected to occur in August.