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Sheetrock Maker USG Trades to Knauf for $7B
Chicago-based building products maker USG Corporation, founded in 1901 as the United States Gypsum Company and best known for Sheetrock, is trading to Knauf for about $7 billion.
The German building products maker is acquiring all outstanding shares of USG for $44 apiece. Warren Buffett’s Berkshire Hathaway controls about 31% of USG’s stock, and has agreed to vote its shares in favor of the deal.
USG will maintain its global headquarters at Fifield Companies’ 550 W. Adams, where it’s the anchor tenant. The company had annual sales of $3.2 billion last year, and employs 6,800 worldwide.
“We believe this transaction will create new opportunities for both companies’ customers, and will benefit USG’s employees who will be part of a truly global building products company,” said USG president and CEO Jennifer Scanlon.
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- ◦Sale/Acquisition
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