Foundation Building Materials Completes the Sale of the Mechanical Insulation Business
Company Press Release
Foundation Building Materials, Inc. (“FBM” or the “Company”), one of the largest specialty distributors of wallboard, suspended ceilings, and metal framing in North America, announced that it has completed the sale of its mechanical insulation segment (the “MI Business”). As consideration for the MI Business, the Company received $122.5 million, which remains subject to certain adjustments, and plans to use the net proceeds to pay down its revolving credit facility.
About Foundation Building Materials
Foundation Building Materials is a specialty distributor of wallboard, suspended ceiling systems, and metal framing throughout North America. Based in Tustin, California, the Company employs more than 3,400 people and operates more than 170 branches across the U.S. and Canada.
John Moten – VP Investor Relations – John.email@example.com – (657) 900-3213
Source: Foundation Building Materials, Inc.