CSR Limited (ASX:CSR) said Tuesday it has entered into an agreement to sell its Asian Business to Danish stone wool producer Rockwool Group for A$128 million.
Under the agreement, the Rockwool Group will acquire 100 per cent of CSR's insulation, panels and trading business across the Asian region, excluding CSR's existing autoclaved aerated concrete plant in Malaysia. The company owns and operates three mineral wool factories in China, Malaysia and Thailand, as well as a panels plant in China.
The transaction enables CSR to focus on core market-leading positions in Australia and New Zealand building products market, CSR says.
CSR on Monday agreed to sell its sugar business to Singapore's Wilmar International Ltd (SIN:F34) for A$1.75 billion.
Michelle Liang Asia Business News Asia Bureau Tel: +61-2-9247-4344 Email: firstname.lastname@example.org
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