CSR Limited (ASX:CSR), a leading building products company, has announced its agreement to acquire Woven Image, a renowned provider of sustainable and design-led acoustic finishes and textiles.
The acquisition, valued at $43 million, is expected to be completed in the coming months, pending certain conditions. The move aims to broaden CSR's commercial interior range and strengthen its presence in the Australian market, as well as bolster its exports to Europe and Asia.
CSR has been a longstanding partner of Woven Image, having manufactured a portion of its product range for the past 20 years.
The acquisition will further enhance CSR's commercial interior finishes offering, leveraging the combined strengths of both companies in innovation, sustainability, manufacturing capability, and sales and distribution channels.
CSR's Managing Director & CEO, Julie Coates, commented on the acquisition, stating, "The acquisition of Woven Image positions our interior systems business for further growth both domestically and in export markets and follows the move to full ownership of Martini in 2020. The commercial interior finishes segment is a highly attractive market and provides further opportunity for growth and diversification across product, building sector, and geography."
The acquisition of Woven Image aligns with CSR's strategic focus on expanding its product offerings and diversifying its presence in key markets.
The company previously announced its intention to conclude the on-market share buyback initiated in June 2022 in July 2023, in line with this strategic move.
Woven Image, established in 1987, has been a trusted supplier of sustainable acoustic finishes and textiles for the built environment.
Its products have been widely utilised in commercial projects globally, spanning various sectors such as workplace, hospitality, education, and healthcare.
The acquisition of Woven Image is another significant step for CSR as it strengthens its market position and solidifies its commitment to offering innovative and sustainable solutions to customers.
By combining the expertise and resources of both companies, CSR aims to better serve its customers and pursue further growth opportunities in Australia and international markets.
