James Hardie has warned that the United States renovations market is weaker than expected as it pushes on with a controversial $14 billion buyout of Azek, which relies heavily on US home owners upgrading their houses.
James Hardie chief executive Aaron Erter has been criticised for overpaying for Azek, an outdoor decking and railings group. He said the company would be able to offset the weak market conditions, and also win more market share with its fibre cement wall cladding and planks businesses.
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Simon Evans writes on business specialising in retail, manufacturing, beverages, mining and M&A. He is based in Adelaide. Connect with Simon on Twitter. Email Simon at simon.evans@afr.com
Joanne Tran is a markets reporter for The Australian Financial Review in the Sydney newsroom. Connect with Joanne on Twitter. Email Joanne at jo.tran@afr.com
