USG Corp. (USG) to Sell European Business Ops in $80M Deal

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USG Corporation (NYSE: USG), has entered into a definitive agreement for the sale of its wholly-owned European business operations to affiliates of Gebr. Knauf Verwaltungsgesellschaft KG for approximately $80 million. That amount is subject to adjustment based on working capital and net debt levels at closing.

The businesses being sold include the manufacture and distribution of Donn® brand ceiling grid and SHEETROCK® brand finishing compounds throughout Europe, Russia and Turkey.

Closing of the sale is subject to receipt of necessary governmental approvals and other customary closing conditions. Assuming receipt of the necessary approvals and satisfaction of these closing conditions, closing is expected to take place in the fourth quarter of this year.

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