James Hardie Completes Aquisition of The AZEK® Company

Creating a Leading Provider of Exterior and Outdoor Living Solutions

Transaction Overview

James Hardie has successfully completed its previously announced acquisition of The AZEK Company Inc. (“AZEK”) in a cash-and-stock transaction for $26.45 in cash and 1.0340 ordinary shares of James Hardie for each share of AZEK common stock held for a total of $54.18 per share, based on the closing stock price of AU$40.77 per share based on James Hardie’s CHESS Depositary Interest (CDI) listing on the Australian Securities Exchange (ASX) and an exchange rate of 0.6579. This represents an implied value of $8.4 billion, including the value of share-based awards and the repayment of AZEK’s outstanding debt.

The combination will create a leading exterior and outdoor living building products growth platform.

couple sitting on steps of their porch.
a beautiful back deck facing the ocean on a sunny day.
couple with dog walking out of house.
a pool surrounded by a new deck in the backyard of a home.
employee inspecting exterior of home with homeowners.
1. At time of announcement

Compelling Strategic and Financial Benefits

  • Creates
    a leading exterior and outdoor living building products growth platform
  • Accelerates
    material conversion-led growth
  • Provides
    customers a comprehensive solution of sustainable exterior and outdoor living brands
  • Delivers
    best-in-class financial profile
  • Unlocks
    significant value through cost and commercial synergies

Transaction Delivers...

+
$5.9B
Net Sales, on a Combined Company Basis1
$1.8B+
Adjusted EBITDA, on a Combined Company Basis1
31%
Adjusted EBITDA Margin with Potential for Further Expansion, on a Combined Company Basis1
~$125M+
Cost Synergies
~$500M+
Commercial Synergies
$350M+
Additional Annual Adjusted EBITDA from Synergies
$1B+
Free cash flow Generation2
  1. 12-month period ended 12/31/24. Including total expected run-rate benefit of synergies
  2. Free cash flow = net cash provided by operating activities less capital expenditures less cost to achieve synergies net of taxes

Leading Provider of Exterior Home and Outdoor Living Solutions

James Hardie now features a portfolio of high-performance, low-maintenance exterior brands – providing winning solutions across the customer value chain.

  • james hardie.
  • azek exteriors.
  • versatex building products.
  • struxure.
  • ultralox.
  • intex millwork solutions.

Endless Design Possibilities for Homeowners

Plank Board
Board & Batten
Panels
Trim & Mouldings
Soffit
Shingle
Column Wraps
Decking
Railing
Pergolas

A Leading Siding Brand in North America & Globally

One of the world’s leading producers & marketers of high-performance fiber cement siding and trim
  • James Hardie Brand of Choice

  • $3.9B
    LTM 12/31/24 REVENUE
  • 11%
    7-Y REVENUE CAGR1
  • ~65%
    REPAIR & REMODEL
    AS % OF SALES2
  • $1.1B
    LTM 12/31/24 ADJ. EBITDA
  • 28%
    LTM 12/31/24
    ADJ. EBITDA MARGIN
chart of James Hardie's global footprint. 12% in Europe, 14% in APAC, and 74% in North America.
Global Footprint3
Europe
APAC
North America
  1. Reflects FY2017A-FY2024A sales CAGRs
  2. Represents North America breakdown
  3. Represents net sales as of 12/31/24

Homeowner Focused, Customer and Contractor Driven™

  • Creating demand across the customer value chain
    The brand of choice for homeowners, customers & contractors
  • Providing customers with innovative product solutions
    Trusted brand with compelling aesthetics, durability and low maintenance
  • Supporting the growth of our partners
    Through unrivaled support and localized manufacturing

An Innovative Leader in Outdoor Living

  • Leading brands in composite decking, railing and exteriors
    including TimberTech decking and railing, AZEK Exteriors and Versatex trim, and StruXure pergolas
  • Multi-year track record of delivering above market growth
    and driving material conversion to low-maintenance, long-lasting engineered products
  • Wood conversion to AZEK material types fuel growth
    wood and engineered wood represents ~54% to ~85% of AZEK’s replacements, highlighting the tremendous material conversion opportunity
  • U.S. based manufacturing and recycling plant footprint
    totaling ~3 million square feet
  • $1,486M
    LTM 12/31/24 REVENUE
  • 15%+
    7-Y REVENUE CAGR1, 2
  • ~82%
    REPAIR & REMODEL
    AS % OF SALES2
  • $390M
    LTM 12/31/24 ADJ. EBITDA
  • ~26%
    LTM 12/31/24
    ADJ. EBITDA MARGIN
  • 500M+
    POUNDS OF RECYCLED WASTE AND SCRAP MATERIAL CONSUMED ANNUALLY
  • 170+
    DISTRIBUTOR BRANCHES
  • 5,000+
    DEALER LOCATIONS
  • 15K+
    PRO REWARDS CONTRACTORS
  1. Reflects FY2017A-FY2024A sales CAGR
  2. Residential business segment

Combined Organization Leadership

For information on James Hardie’s combined leadership team, please visit our Investor Relations website here.

Combines World-Class Talent with Shared Values & Cultures

Brings together two talented teams dedicated to providing winning solutions across the customer value chain.

group of smiling azek employees in a warehouse.
james hardie employees discussing a project.
azek employees in a meeting.
employees in a lab setting.
azek employees discussing their product in a meeting.
two employees examining the exterior of a house.
group photo of the James Hardie Team.
group photo of the AZEK Team.
forbes 2024 world's best employers.2024 sustainable products of the year.hbs dealer top women in hardware & building supply.cso50.time world's best companies 2024.2024 national preferred partner of david weekley homes.good design award winner.i.f. design award 2024.2024 eco-leaders green builder media.kantar #1 north american siding brand (all siding).n.a.h.b. global innovation award.
best of i.b.s. awards 2024 finalist most innovative building material.u.s. news best companies to work for construction and materials 2024. fast company brands that matter 2024.2024 green builder sustainable product of the year.the h.g.t.v. magazine green list 2024.newsweek statista america's most responsible companies 2024.chicago tribune top work places 2024.usa today america's climate leaders 2024.vinyl sustainability council design for reuse award winner 2021.architizer a+ products special mention 2024.barron's 100 most sustainable companies 2025.usa today excellence 1000 index 2025.positive luxury awards 2025 shortlisted.top real leaders impact company 2025.time world's best companies in sustainable growth 2025.
“I want to thank our James Hardie teammates for their focus and dedication to our customers, and to the AZEK team, I am pleased to formally welcome you to James Hardie. Together, we are a stronger team and have never been better positioned to serve our customers and create value for all our stakeholders. As a combined organization, our purpose of Building a Better Future for All™ will drive our continued success as a leading provider of exterior home and outdoor living solutions.”
Aaron Erter
CEO, James Hardie