CSR confirms sale of Veridian Glass

Building materials group CSR today confirmed the sale of its Veridian Glass business to Crescent Capital Partners. The glass business has been a difficult asset for the company reportedly losing $1Bn in value over ten years. CSR Managing Director Rob Sindel said “This transaction will enable Viridian to align its footprint and and cost structure more effectively as a standalone business”.

As the materials sector adjusts to a cooling housing market, this is one less headache for CSR to manage. The company can now focus on its remaining divisions in Gyprock plasterboard, precast concrete, insulation, bricks and battery storage.

To read the ASX announcement follow this link.