(Reuters) -French construction materials group Saint-Gobain on Thursday said it is aiming for a double-digit operating margin in 2024 despite a difficult market that dragged its 2023 annual sales down 6.4%. "In Western Europe, renovations will continue to show resilience, while new construction will remain difficult but will gradually reach a low point country by country, in a market that remains structurally healthy given its construction needs," CEO Benoit Bazin said in a statement. In a call with journalists, Bazin added that there is a "structural unmet need for housing" in Western Europe, North America and Asia, which could reverse the new-construction division's downward curb.
French construction materials company Saint-Gobain said it had signed a definitive agreement to buy Australian peer CSR Limited in a deal with an enterprise value of A$4.5 billion ($2.95 billion). Saint-Gobain said it was offering A$9.00 for each share in CSR Ltd, adding that CSR's management favoured the deal. CSR is one of Australia's oldest companies, having been established in 1855 initially as a sugar refining business, before diversifying into building products.
(Bloomberg) -- Cie. de Saint-Gobain of France offered to buy Australia’s CSR Ltd. for A$4.3 billion ($2.8 billion) as the building industry consolidates amid a shift to more climate-friendly materials.Most Read from BloombergNvidia Surges After Company Proclaims AI Has Hit 'Tipping Point'Biden Touts $1.2 Billion in Student Loan Relief With Eye to 2024Tech Up in Late Hours on Nvidia’s Bullish Outlook: Markets WrapChina Tightens Grip on Stocks With Net Sale Ban at Open, CloseYour 401(k) Will Be Go