Eagle Materials will call its Light Materials business the American Gypsum Co. when it is spun-off in the summer of 2020. Dave Powers, former Eagle Materials chief executive officer, will become the chairman of American Gypsum. Craig Kesler, current chief financial officer of Eagle Materials, will become the president and CEO of American Gypsum.
The Light Materials business will continue as a producer of gypsum wallboard and recycled paperboard. It includes an integrated paperboard mill that supplies wallboard plants with facing paper as well as raw material reserves.
On May 30, 2019, the company announced its intention to separate its Heavy Materials and Light Materials businesses into two independent, publicly traded corporations by means of a tax-free spin-off to Eagle shareholders.
Revenue in the Light Materials sector declined 4% from the prior year, as improved sales volume was offset by lower pricing, according to Eagle’s latest quarterly report.