Yahoo Finance French Group Agrees to Buy Canada's Bailey in $650 Million Deal
(Bloomberg) -- Cie. de Saint-Gobain of France agreed to buy Canada’s Bailey Group of Companies for C$880 million ($650 million) in cash to broaden its global offerings of metal framing products.
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Bailey makes commercial metal framing and building systems, with around 700 employees at 12 manufacturing sites across Canada, Saint-Gobain said Wednesday in a statement. The closely held Canadian firm, which had C$532 million in sales last year, has been a longtime partner of Saint-Gobain for metal ceiling grids, frames and fasteners.
“With their long-standing expertise in metal framing and building solutions, we will take a significant step forward in our vision to provide a comprehensive portfolio of building materials to our customers,” Saint-Gobain’s Canadian head, Julie Bonamy, said in a separate statement.
Saint-Gobain, founded in 1665, has 168,000 employees at 800 sites in 75 countries. The Paris-based firm has acquired several Canadian businesses in previous years, including Building Products of Canada and Kaycan. The company also owns CertainTeed, a North American operation whose products include insulation, drywall, siding and trim.
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