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CHICAGO - The AZEK Company Inc. (NYSE:AZEK) announced that its stockholders have overwhelmingly approved all proposals related to the company’s planned merger with James Hardie Industries plc (NYSE:JHX), a $10.94 billion market cap building materials company with annual revenues of $3.88 billion. According to InvestingPro data, James Hardie maintains a strong financial health rating and operates with moderate debt levels.
At a Special Meeting of Stockholders, approximately 99.96% of votes cast favored adopting the merger agreement, representing about 75.78% of AZEK’s total outstanding shares of common stock.
Under the terms of the agreement, AZEK stockholders will receive $26.45 in cash and 1.0340 ordinary shares of James Hardie to be listed on the New York Stock Exchange for each share of AZEK common stock owned.
"This is a transformative moment for our company and our people," said Jesse Singh, CEO of The AZEK Company. "By combining with James Hardie, we are bringing together two purpose-driven teams with complementary capabilities." The merger combines AZEK’s expertise with James Hardie’s robust operational performance, which generated $1.08 billion in EBITDA over the last twelve months.
AZEK, a manufacturer of outdoor living products including TimberTech Decking and Railing, AZEK and Versatex Trim, and StruXure pergolas, expects the transaction to close on or about July 1, 2025, subject to satisfaction or waiver of closing conditions outlined in the merger agreement.
The final vote results will be filed with the U.S. Securities and Exchange Commission on a Form 8-K.
The company currently employs approximately 2,000 people and operates manufacturing and recycling facilities across multiple states including Ohio, Pennsylvania, Idaho, Georgia, Nevada, New Jersey, Michigan, Minnesota and Texas.
This article is based on information from a company press release.
In other recent news, James Hardie Industries reported several significant developments. The company has been active in mergers and acquisitions, notably with the ongoing acquisition of AZEK, which has garnered attention from Truist Securities and William Blair. William Blair initiated coverage on James Hardie with an outperform rating, highlighting the potential for long-term sales and EBITDA growth from the acquisition. Truist Securities, maintaining a Buy rating, emphasized the strategic value of the AZEK acquisition, although they adjusted their price target to $35 due to recent financial results.
In terms of earnings, Citi analysts revised their price target for James Hardie to AUD41.50, maintaining a Neutral rating following weaker-than-expected performance in the fourth quarter. This revision reflects challenges in market share growth and product mix, as well as broader economic conditions. Additionally, James Hardie secured a three-year agreement with Pahlisch Homes to supply siding and trim, which is expected to enhance its market presence in the Pacific Northwest and Northern Rockies. The partnership underscores James Hardie’s commitment to quality and innovation in the building products sector.
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