46.4 F
New York
Saturday, January 16, 2021

Beacon [NASDAQ: BECN] Declares To Sale Interior Product For $850M

Must read

Shutterstock [NYSE: SSTK] To Extend Its Agreement With EPA

Shutterstock reported that the company renewed its exclusive contract with the European Pressphoto Agency. The extended contract is to distribute the visual content...

Tencent Music [NYSE: TME] To Purchase 100% Equity Interest Of Lazy Audio

Tencent Music Entertainment Group reported that the company has signed a contract to purchase 100 percent shares of Lazy Audio. Lazy audio is...

Desktop Metal [NYSE: DM] Inks Agreement To Purchase EnvisionTEC

Desktop Metal reported that the company inked a definitive contract to purchase EnvisionTEC. Desktop Metal will purchase EnvisionTEC for a total consideration of...

Sequential Brands [NASDAQ: SQBG] Partnered With Omega Apparel To Create A New Collection

Sequential Brands Group reported that the company has collaborated with Omega Apparel for its denim business. With this partnership, the company will develop...

Beacon Roofing Supply Inc, [NASDAQ: BECN] reported that the company signed a contract with affiliates of American Securities to divest its Interior Products Division. The business currently consists of branches at 81 locations. It supplies products related to construction such as wallboard steel farming and insulation etc. The company distributes its products to both commercial and residential contractors.

Beacon will divest the Interior Product for $850M in cash which is subject to net working capital and other adjustments. Furthermore, The Company plans to utilize the expected after-tax proceeds of around $750M from this divestiture to lessen net use and fortify its balance sheet.

“ Today’s statement depicts an important strategic decision for Beacon. After thorough analysis, we came to the decision that divesting the Interior Product is best for our customers and shareholders. This step will help boost our efforts to enhance our balance sheet.” said Julia Francis CEO of Beacon

More articles

Latest article

Marathon Petroleum [NYSE: MPC] Appoints New CFO

Marathon Petroleum Corp. reported that the company has named Maryann T. Mannen as the CFO and Executive V.P of the company. Maryann has...

QUALCOMM [NASDAQ: QCOM] Announces To Purchase NUVIA For $1.4Billion

QUALCOMM Incorporated reported that its unit, Qualcomm technologies inked a contract to purchase NUVIA.  The company will purchase NUVIA for nearly $1.4B. The...

Trivago [NASDAQ: TRVG] Reported The Purchase Of Weekend.com

Trivago reported that the company has purchased Weekend.com. Weekend it just started based in Germany, its main aim is to provide stimulating getaway...

Arthur J. Gallagher [NYSE: AJG] Reports To Purchase 100% of The Bollington Wilson Group

Arthur J. Gallagher reported that the company has inked a contract to buy 100% of the Bollington Wilson group. Bollington is an insurance...

Grainger [NYSE: GWW] Reports Changes In The Executive Leadership

Grainger reported changes in its Executive leadership. The leading supplier and distributor of MRO products appointed Deidra Merriwether as the Chief Financial officer....

Viasat [NASDAQ: VSAT] Inks A Contract With SKY To Expand The Distribution Of Satellite Internet

Viasat Inc reported that the company has inked a strategic collaboration with SKY brazil. The collaboration will expand the supply and availability of...

CyberOptics [NASDAQ: CYBE] receives MX3000 inspection systems orders worth $4.2M

CyberOptics Corporation reported that the company has received orders worth $4.2Million for its 3D MX3000 system from various sub-contractors.  These orders confirm the...

Thryv Holdings [NASDAQ: THRY] Is In Discussion To Purchase Sensis

Thryv holdings Inc reported that the company is in discussion and intends to buy Sensis Holdings Limited. Sensis is a leader in...