FOR IMMEDIATE RELEASE

Today, James Hardie Industries plc (NYSE / ASX: JHX) (“James Hardie” or the “Company”), a leader in high-performance, low-maintenance building product solutions, successfully completed its previously announced acquisition of The AZEK® Company (“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.

“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,” said Aaron Erter, CEO of 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.”

James Hardie now features a portfolio of high-performance, low-maintenance exterior brands, including Hardie®, TimberTech®, AZEK® Exteriors, Versatex®, StruXure®, Ultralox® and Intex®. Collectively, James Hardie brands offer incredible value, as well as endless design possibilities for homeowners looking for siding, decking, trim, railing, and pergolas.

The combination of James Hardie and AZEK creates a company with an accelerated growth rate, peer-leading profitability and robust cash generation. James Hardie intends to use its strong financial profile to support organic growth, deleverage and fund ongoing share repurchases.

Combined Organization Leadership
As previously announced, Aaron Erter and Rachel Wilson will continue to serve as Chief Executive Officer and Chief Financial Officer. Jon Skelly has been appointed President – AZEK Residential, Sam Toole will join James Hardie as Chief Marketing Officer, AZEK® brands, and Chris Russell will join James Hardie as VP, Global Strategy and Corporate Development.

Additional members of James Hardie’s Executive Leadership team include:

Farhaj Majeed, Chief Human Resources Officer
Tim Beastrom, Chief Legal Officer
Sean Gadd, President, James Hardie, North America
Joe Liu, Chief Technology Officer
James Johnson II, Chief Information Officer
Ryan Kilcullen, Chief Operations Officer
John Arneil, President, Asia Pacific
Christian Claus, President, Europe
Joel Wasserman, VP, Corporate Communications and James Hardie Global Brand Management
Jeff Wrobel, VP, Integration Management Office

Jesse Singh, Howard Heckes, and Gary Hendrickson will join the James Hardie Board of Directors.

Source: James Hardie  Read original HERE