Australia: CSR Buys Pilkington

AUSTRALIA'S third-largest building-products maker CSR has paid $690 million for glassmaker Pilkington Australasia. The deal for the Melbourne business, which has 1700 employees, saw CSR beat offers from consortiums reportedly led by private equity.

CSR said it intended to spend another $110 million refurbishing the target company's manufacturing plant at Dandenong.

CSR also gained Pilkington's Geelong-based factory, which makes glass for car manufacturers and the smash-repair market.

Yesterday's announcement, however, did not affect CSR shares, which edged up 1c to $3.48.

Earlier reports had touted CSR as the front-runner to buy the business from Nippon Sheet Glass, with prices flagged at between $600 million and $700 million.

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600450 Australia: CSR Buys Pilkington glassonweb.com

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