Saint-Gobain to acquire GCP Applied Technologies for $2.3 billion

Saint-Gobain said that the company would acquire GCP Applied Technologies, a US-based construction chemicals company, at around $2.3 billion. The company said that this acquisition would make Saint-Gobain a leading construction chemicals company, with total sales of over 4 billion euros from 3 billion euros. The acquisition of GCP comes after the acquisition of Chryso for over $1 billion. Saint-Gobain said that after the acquisition of Chryso, GCP is the next company to expand the company's presence in admixtures and additives, providing a solution to decarbonize the construction industry. Chief executive of Saint-Gobain, Benoit Bazin, highlighted the growth opportunity in the US-based construction company. The company said that the acquisition would create value by three years following the closure of the transaction. It will finance the acquisition through cash. The significant synergy opportunities are estimated at $85 million by year five. However, the transaction is expected to conclude by December 2022. Image Source Also read: Saint-Gobain bags minority stake in home interior firm Livspace Also read: Saint-Gobain aims Rs 1,000 cr income from housing solutions business