Australian building products company CSR Limited has agreed to acquire Woven Image, a leading company in sustainable design-led acoustic finishes and textiles for $43 million.
The acquisition is subject to conditions and will be earnings accretive after its completion in the next few months, CSR said in an ASX announcement.
CSR said it has a long-standing customer relationship with Woven Image as it has manufactured some of its product range for 20 years.
Woven Image’s products are extensively used in global commercial projects across the workplace, hospitability, education, and healthcare sectors.
Woven’s acquisition is expected to enhance CSR’s commercial interior finishes offering in the Australian market and exports to Europe and Asia. Woven is also highly complementary to CSR’s existing commercial interior ranges.
On top of the combined product range of the two companies, their commitment to innovation, sustainability, manufacturing capability, and sales and distribution channels positions CSR to better serve customers and deliver further growth in Australia and export markets.
The on-market share buyback announced in June 2022 is slated to conclude in July 2023 following the acquisition agreement.
“The acquisition of Woven Image positions our interior systems business for further growth both domestically and in export markets and follows the move to full ownership of Martini in 2020. The commercial interior finishes segment is a highly attractive market and provides further opportunity for growth and diversification across product, building sector and geography,” said Julie Coates, CSR’s managing director and CEO.
