Holcim to buy PVC roofing company Duro-Last for $1.3 billion

The world's biggest cement maker, Switzerland's Holcim Ltd., will acquire Saginaw, Mich.-based Duro-Last Inc., a producer of single-ply roofing systems that has seen double-digit growth, for $1.29 billion to strengthen its building product offering.

Founded in 1976 as Tri-City Vinyl, the acquired company started out making pool liners. Two years later, owner John R. Burt found a new application: commercial roofing systems. He grew the business with product innovations like factory-welded seams to reduce the potential for leaks.

Duro-Last generates net sales of about $540 million in North America's highly profitable $40 billion roofing market, according to a news release about the deal, which is expected to close early in the second quarter of 2023.

Duro-Last's systems will complement Holcim's integrated roofing products and are expected to create synergies of $60 million per year, the release also says.

The pending transaction comes on the heels of three other acquisitions that support Holcim's expansion into the North American roofing market.

Last year, Holcim bought Malarkey Roofing Products, a Portland, Ore.-based manufacturer of residential products like shingles and water barriers, and in 2021 it acquired Firestone Building Products, a Nashville, Tenn.-based manufacturer of commercial roofing and building envelope products.

Also, last month Holcim bought a facility near Hagerstown, Md., that produces fiberglass mat, a key component of Malarkey's sustainable shingles and Isogard brand insulation boards.

With the Duro-Last acquisition, Holcim roofing systems will exceed $4 billion in net sales ahead of schedule.

Holcim CEO Jan Jenisch called Duro-Last a perfect strategic fit.

"Its proprietary technologies and premium brands complement our offering in the stable and fast-growing North American market. Its energy-efficient systems and excellence in recycling will further advance our leadership in sustainability," Jenisch said.

Holcim will retain all 840 Duro-Last employees, who staff eight U.S. manufacturing locations.

Duro-Last CEO Tom Saeli said the family business has continually reinvested for 45 years and built a solid company.

"We are delighted to be joining the Holcim family, which shares our core values, and we look to the future to accelerate our success. Holcim recognizes the opportunities at Duro-Last and we are confident it will support us in our future growth plans," Saeli said.

Duro-Last's systems include cool roofs and insulation boards to enhance buildings' energy efficiency. The company's "Recycle Your Roof" program drives circularity.

Duro-Last also is the first U.S. company to offer third-party verified environmental product declarations for its roofing solutions. The credentials mean Duro-Last's systems are in line with advanced green building certifications, such as Leadership in Energy and Environmental Design (LEED).

The Duro-Last acquisition advances Holcim's "Strategy 2025—Accelerating Green Growth" goal to expand its Solutions & Products business to 30 percent of group net sales by 2025.

Holcim's three other business segments are cement, ready-mix concrete and aggregates.

In 2021, Holcim posted net sales of $29.87 billion. The company has 70,000 employees.