The takeover of Sasso, which makes precast concrete panels, will add to earnings per share immediately, Sydney-based Brickworks said in a statement on Friday.
"Sasso is a world-class manufacturing facility with plenty of scope for growth in its recently-built factory," Brickworks chief executive Lindsay Partridge said in the statement.
"Precast Concrete Panels have experienced spectacular growth in walling market share during the past decade."
Brickworks didn't currently operate in the precast concrete panel segment and Sasso would provide another avenue of growth, particularly in high-rise buildings.
Brickworks also said its had received a final payment of $17.5 million from AV Jennings for its Eastwood site in Sydney, taking the total payment to $70 million.
Brickworks is part of the Washington H Soul Pattinson & Co Ltd group. Washington H owns 48 per cent of Brickworks, which in turn owns 43 per cent of Washington H, in a cross shareholding deal.
Source: AAP NewsWire
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