-- Acquiring industry leader in commercial roofing and building envelope solutions to position it for continued growth
-- A milestone in the transformation of LafargeHolcim to become the global leader in innovative and sustainable building materials and solutions
-- Strengthening LafargeHolcim's biggest market, the US, with annual sales to exceed USD 6bn
-- Plans to expand in Europe and Latin America to become the global leader in flat roofing systems
-- Sale to enable Bridgestone to strengthen investments in company's tire business and fast-growing mobility solutions business
NEWS PROVIDED BY
Bridgestone Americas, Inc.
Jan 07, 2021, 08:00 ET
NASHVILLE, Tenn., Jan. 7, 2021 /PRNewswire/ -- LafargeHolcim has signed an agreement to acquire Firestone Building Products (FSBP), a leader in commercial roofing and building envelope solutions based in the United States (US), with 2020 (est.) net sales of USD 1.8 billion and EBITDA of USD 270 million. This acquisition is a milestone in LafargeHolcim's transformation to become the global leader in innovative and sustainable building solutions.
This transaction is valued at USD 3.4 billion, to be financed with cash and debt while maintaining net debt below 2x. Synergies of USD 110 million per year are expected on a run-rate basis within two years of closing, which is expected in the second quarter. The acquisition is earnings per share (EPS) accretive from the first year.
Jan Jenisch, LafargeHolcim CEO: "I am excited to be entering the highly attractive roofing business. With Firestone Building Products we are strengthening our biggest market, the US, while also building a global growth and innovation platform for the company. Today's milestone is a strategic leap on our journey to become the global leader in innovative and sustainable building solutions, to build a world that works for people and the planet. I have great respect for the high-caliber leadership and expertise of the Firestone Building Products' team and look forward to welcoming them into the LafargeHolcim family."
Paolo Ferrari, Bridgestone Americas President, CEO & COO: "This transaction will create new growth opportunities for Firestone Building Products and allow Bridgestone to focus its resources to further invest in the company's tire business and rapidly growing mobility solutions business. Like Bridgestone, LafargeHolcim is a global company with a strong financial position and thriving culture. We know they will take great care of our Firestone Building Products employees and customers, and ensure the business enjoys growth and success for many years to come."
Taylor Cole, Firestone Building Products President: "Today is a big moment for the Firestone Building Products team as we look forward to becoming part of the global leader in building materials and solutions. Together, we are in a prime position to accelerate our growth by combining Firestone Building Products' advanced technologies and know-how with LafargeHolcim's global scale and reach."
Founded in 1980, Firestone Building Products (FSBP) is a business unit of Bridgestone Americas and part of Tokyo-based Bridgestone Corporation, a global leader providing tires and sustainable mobility solutions that create social and customer value. The acquisition of FSBP will strengthen LafargeHolcim's biggest market, the US, establishing a new growth profile, reaching USD 6 billion in annual net sales. Building on FSBP's strong organic growth, LafargeHolcim expects to accelerate its leadership through cross-selling opportunities and further bolt-on acquisitions. LafargeHolcim also aims to swiftly globalize the business, leveraging its European and Latin American footprint.
Urbanization trends are accelerating the development of the flat roof market, currently estimated at around USD 50 billion globally. By entering this attractive new business, LafargeHolcim will deliver above-market growth, driven by innovative technologies and branding. It will also benefit from FSBP's position in the high-growth repair and refurbishment segment, accounting for the majority of its sales today.
With up to 60% of buildings' energy lost through roofs, FSBP plays an instrumental role in mitigating this process with its industry-leading technologies, including cool roofs, insulation and waterproofing systems. In addition, its green roofs contribute to more sustainable urban environments. These technologies complement LafargeHolcim's sustainable building solutions, from its ECOPact green concrete to its EcoLabel range, accelerating the company's net zero commitment. With this acquisition LafargeHolcim will add 15 manufacturing facilities, 1,800 distribution points, and three R&D laboratories to its network. Upon completion of the sale, FSBP will continue to be headquartered in Nashville, Tennessee, and all 1,900 FSBP employees will transition to LafargeHolcim.
About Bridgestone Americas, Inc.:
Nashville, Tennessee-based Bridgestone Americas, Inc. is a subsidiary of Bridgestone Corporation, a global leader providing sustainable mobility and advanced solutions. Bridgestone Americas develops, manufactures and markets a diverse portfolio of original equipment and replacement tires, tire-centric solutions, mobility solutions, and other rubber-associated and diversified products that deliver social value and customer value. Guided by its global corporate social responsibility commitment, Our Way to Serve, Bridgestone is dedicated to shaping a sustainable future of mobility and improving the way people move, live, work and play.
About Firestone Building Products:
Firestone Building Products Company, LLC is a leading manufacturer and supplier of trusted roofing and building envelope solutions. By taking the entire building envelope into consideration, Firestone Building Products meets individual customer and project needs for roofing, wall and lining solutions. Headquartered in Nashville, Tennessee, the company also offers outstanding technical services, an international network of roofing contractors, distributors and field sales representatives, and exceptional warranty protection. Products include commercial roofing systems, roofing accessories, green roofing systems and daylighting systems, vegetative roofing systems, metal wall panels, insulation, cavity wall construction, pond liners, geomembranes and silicone and acrylic liquid coatings. Firestone Building Products Company, LLC is a subsidiary of Bridgestone Americas, Inc.
As the world's global leader in building solutions, LafargeHolcim is reinventing how the world builds to make it greener and smarter for all. On its way to becoming a net zero company, LafargeHolcim offers global solutions such as ECOPact, enabling carbon-neutral construction. With its circular business model, the company is a global leader in recycling waste as a source of energy and raw materials through products like Susteno, its leading circular cement. Innovation and digitalization are at the core of the company's strategy, with more than half of its R&D projects dedicated to greener solutions. LafargeHolcim's 70,000 employees are committed to improving quality of life across more than 70 markets through its four business segments: Cement, Ready-Mix Concrete, Aggregates and Solutions & Products. More information is available on www.lafargeholcim.com
Important disclaimer – forward-looking statements:
This document contains forward-looking statements. Such forward-looking statements do not constitute forecasts regarding results or any other performance indicator, but rather trends or targets, as the case may be, including with respect to plans, initiatives, events, products, solutions and services, their development and potential. Although LafargeHolcim believes that the expectations reflected in such forward-looking statements are based on reasonable assumptions as at the time of publishing this document, investors are cautioned that these statements are not guarantees of future performance. Actual results may differ materially from the forward-looking statements as a result of a number of risks and uncertainties, many of which are difficult to predict and generally beyond the control of LafargeHolcim, including but not limited to the risks described in the LafargeHolcim's annual report available on its website (www.lafargeholcim.com) and uncertainties related to the market conditions and the implementation of our plans. Accordingly, we caution you against relying on forward-looking statements. LafargeHolcim does not undertake to provide updates of these forward-looking statements.
This document contains inside information within the meaning of the Market Abuse Regulation (EU) (No 596/2014).
SOURCE Bridgestone Americas, Inc.
CONTACT: Rachel Withers, 615-300-3904, WithersRachel@bfusa.com
Firestone’s new Tan (HR) UltraPly TPO color has been slightly changed to be in compliance with higher reflectivity codes. Our new Tan (HR) UltraPly TPO features the same formulation & benefits of the original Tan membrane, but now with 15% improved Solar Reflectivity. The new membrane color meets California’s Title 24 rigorous requirement for reflectivity, and will also be eligible for the LEED v4/v4.1 sustainable heat island effect credit. Tan (HR) UltraPly TPO membrane and accessories will fully replace the original UltraPly Tan color TPO membrane and accessories effective December 31, 2020.
The new product information and transition plan is listed as follows:
- December 31, 2020
- UltraPly TPO Membrane & Accessories
- Tan (HR) UltraPly TPO
- 3 yr Rapid Rating % improvements vs. original Tan UltraPly TPO:
- 15% greater Solar Reflectance
- 7% greater Thermal Emittance
- 22% greater Solar Reflectance Index (SRI)
- LEED v4/v4.1 sustainable heat island effect credit eligible
- Tan (HR) membrane & accessories will have all new material #’s and product descriptions
- Tan (HR) will fully cannibalize the current Tan membrane and accessories
- Former Tan membrane and accessories will transition to a “discontinue with inventory designation” in SAP
- Former Tan membrane will then transition to “discontinued” status once all the inventory is depleted in SAP
Firestone PVC single-ply membrane formulation is a durable, long-term commercial roofing solution that has been providing quality performance in market for 25 years. Firestone’s PVC systems include highly reflective roofing membranes, UV inhibitors, high-performance watertight heat-welded bonds, and exceptional resistance to harsh environments.
Firestone is proud to announce the launch of Jet Bond, a new, low-temperature, LVOC sprayable bonding adhesive. This easy-to-use, pressurized canister adhesive is ideal for use in adhering membrane to both vertical and horizontal surfaces (codes pending). This product is designed for contractors looking for a fast, easily applied, adhesive product without the use of additional spray equipment.
With Firestone Jet Bond sprayable bonding adhesive there is less complexity than standard bonding adhesive application, with no mixing required, and simple set-up for product use. Jet Bond provides excellent adhesion of Firestone RubberGard EPDM, EcoWhite EPDM, UltraPly TPO and TPO XR roofing membranes and flashings to approved substrates.
In addition, Firestone offers a LVOC Canister Flush Solution for easy clean up, as well as available to order replacement tips, and three lengths of hoses. Jet Bond sprayable bonding adhesive and LVOC Canister Flush Solution and accessories provide the high quality, dependable solutions our customers are accustomed to.
Product availability date: Monday, December 16th, 2019
|W56RACIASA||Jet Bond Spray Adhesive|
|W56RAC1696||Firestone LVOC Canister Flush Solution|
|W56RACINTH||Canister Spray Gun|
|W56RACINTI||Canister Spray Gun Extended|
|W56RACINTJ||Replacement tips, 5pk.|
|W56RACIAPRL||6 ft Canister Hose|
|W56RACIAPRM||12 ft Canister Hose|
|W56RACIAPRN||18 ft Canister Hose|
- Approved for adhering the following membranes to approved substrates: Firestone RubberGard EPDM, EcoWhite EPDM, UltraPly TPO, FlexAdhered TPO, TPO XR.
- Adhesive may be applied at ambient temperatures as low as 25 °F (-4 °C) and rising.
- Product may be opened and used for up to 60 days after opening.
- Ensure canister temperature is minimum of 70 °F (21 °C).
- 12-month shelf-life.
- Coverage rate per canister:
— 800 – 1000 ft²/canister (19.6 – 24.5 m²/canister) for smooth backed membranes
— 650 – 750 ft²/canister (16 – 18.4 m²/canister) for TPO XR fleece backed membrane
For additional product information, please refer to the Technical Information Sheets, Safety Data Sheet, and Application Guide below.
Jet Bond TIS
Jet Bond Safety Data Sheet
Jet Bond Application Guide
Firestone Building Products Expands Partnership with Strategic Building Products for Hawaii and Guam
Firestone Building Products Company, LLC (FSBP), an industry leader of trusted roofing and building envelope solutions, announced today that it is expanding its sales and distribution partnership with Strategic Building Products, headquartered in California, to open a new office in Hawaii. Through a Sales Rep Agreement, effective January 1, 2019, and a Distributor Agreement, effective February 1, 2019, Strategic Building Products-Hawaii (SBP-Hawaii) will sell and distribute Gaco products in Hawaii and Guam, in addition to selling other FSBP brands. SBP-Hawaii will succeed JW Sales as the Master Distributor for Gaco products, and will serve as the sales representative for the Firestone and GenFlex brands, replacing Advanced Roofing Tech.
“Strategic Building Products has been a proven performer for Firestone through the entirety of our more than 20-year partnership with Mark Newman (Principal) and Josh Wallwork (Partner),” said Jason Flack, vice president of sales, FSBP. “We are confident they will bring their extensive knowledge of our product portfolio and the market to support FSBP customers in Hawaii and Guam.”
To serve the expanded region, the company has built customer service, distribution/warehouse and sales teams, along with acquiring a 20,000-square-foot state-of-the-art training facility on the island of Oahu, HI.
FSBP would like to thank JW Sales (Gaco Master Distributor) and Advanced Roofing Tech (Firestone/ GenFlex Sales Rep) for the long and successful partnership with the company.
To learn more about Strategic Building Products and how they will serve you, please click here. You can also reach out to the following people with any questions:
Mark Newman, Principal
Josh Wallwork, Partner
Bill Goelz, LEED AP-RRO
You may also download the contact sheet for California, Nevada, Hawaii & Guam.
About Firestone Building Products Company, LLC:
Firestone Building Products Company, LLC is a leading manufacturer and supplier of trusted roofing and building envelope solutions. By taking the entire building envelope into consideration, Firestone Building Products meets individual customer and project needs for roofing, wall and lining solutions. Headquartered in Nashville, Tennessee, the company also offers outstanding technical services, an international network of roofing contractors, distributors and field sales representatives and exceptional warranty protection. Products include: commercial roofing systems, roofing accessories, green roofing systems and daylighting systems, vegetative roofing systems, metal wall panels, insulation, cavity wall construction, pond liners, geomembranes and silicone and acrylic liquid coatings.
Strategic Building Products Hawaii, LLC will open a new Education & Master Distributor Center on the Island of Oahu, Hawaii in late Feb 2019. The actual location will be announced soon, as well as seminar and training sessions that will better equip you with the product knowledge and expertise you need on the products that SBP Hawaii represents. Please look for upcoming education session emails, or check back for more information. If you have any questions, please contact us.