IPHOFEN, Germany--(BUSINESS WIRE)--Gebr. Knauf KG (“Knauf”) today announced the U.S.-based leadership team that will be responsible for the continued success of USG Corporation (NYSE: USG) after Knauf’s acquisition of USG is complete. The closing is subject to pending regulatory approvals and other customary closing conditions.
The new leadership team will be led by Christopher Griffin, currently CEO of Knauf Insulation North America. Mr. Griffin has over 35 years of experience in the building materials industry, including 18 years with USG Corporation where he served in several senior roles, including Chief Operating Officer.
The USG leadership team will be comprised of the following USG leaders, who will report to Mr. Griffin:
- Joseph W. Holmes, Senior Vice President, USG Corporation and President, Gypsum Division
- Christopher D. Macey, Senior Vice President, USG Corporation and President, Ceilings Division
- Steven P. Bjorklund, Senior Vice President, USG Corporation and President, Performance Materials Division
- John M. Reale, Senior Vice President and Chief Customer Officer, USG Corporation
- Diane Earll, Senior Vice President and Chief Human Resources Officer, USG Corporation
- Mary A. Martin, Senior Vice President and General Counsel, USG Corporation
- Dr. Srinivas Veeramasuneni, Senior Vice President and Chief Technology Officer, USG Corporation
- Alexander G. Dadakis, Vice President, Strategy and Transition, USG Corporation
- Stephanie Holdt, currently Vice President of Controlling for Gebr. Knauf KG, will join USG as Senior Vice President and Chief Financial Officer, USG Corporation
“Bringing USG and Knauf together offers a compelling value proposition for both USG’s and Knauf’s customers. Knauf is committed to growing the strength of USG brands and its presence in North America. Our highly complementary businesses, products, and global footprint position the combined company to better meet the needs of customers. Following the closing of the merger, Knauf intends to maintain USG’s existing corporate headquarters in Chicago,” said Alexander Knauf, General Partner of Knauf.
Mr. Knauf continued, “On behalf of the Management Board at Knauf, I would like to extend my thanks to USG’s Board and leadership team, particularly President and CEO Jennifer Scanlon. Jenny’s leadership has contributed significantly to ensuring the combination will be a great success. We wish her well on her next endeavor.”
The new executive team will assume its responsibilities following, and subject to, the closing of the merger with USG. The merger is expected to close in early 2019, subject to the receipt of certain regulatory approvals and other customary closing conditions. Until that time, both companies will continue to operate as separate businesses under their current leadership structures.
About Knauf
Gebr. Knauf KG is the ultimate parent company of the German based Knauf Group. Knauf is a leading manufacturer of building materials operating more than 220 factories worldwide. In 2017, Knauf generated revenue more than $8 billion and EBITDA of approximately $1.7 billion and employed more than 27,000 people.
Cautionary statement regarding forward-looking statements
Certain statements in this communication may be forward looking in nature or constitute “forward-looking statements” as defined in the Private Securities Litigation Reform Act of 1995, including statements regarding the merger, including expected timing and completion of the merger. Forward-looking statements include all statements that are not historical facts and can typically be identified by words such as “believe,” “expect,” “estimate,” “predict,” “target,” “potential,” “likely,” “continue,” “ongoing,” “could,” “should,” “intend,” “may,” “might,” “plan,” “seek,” “anticipate,” “project” and similar expressions, as well as variations or negatives of these words. Any such statements speak only as of the date the statements were made and are not guarantees of future performance. The matters discussed in these forward-looking statements are subject to a number of risks, trends, uncertainties and other factors that could cause actual results and developments to differ materially from those projected, anticipated or implied in the forward-looking statements. These factors include, among other things, the failure to obtain necessary regulatory or other governmental approvals for the merger, or if obtained, the possibility of being subjected to conditions that could result in a material delay in, or the abandonment of, the merger or otherwise have an adverse effect on USG; continued availability of financing or alternatives for the financing provided in the Knauf debt commitment letter; the failure to satisfy required closing conditions; the risk that the merger may not be completed in the expected timeframe, or at all; the outcome of legal proceedings that have been instituted against USG related to the merger and any additional proceedings that may be instituted in the future; the occurrence of any event giving rise to the right of a party to terminate the merger agreement; economic conditions affecting the building products industry; and Knauf’s ability to successfully integrate USG’s operations and employees with Knauf’s existing business. Any forward-looking statements should be evaluated in light of these important risk factors. Knauf is not responsible for updating or revising any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law.