Iphofen, Germany and Chicago -- Gebr. Knauf KG and USG Corporation announced the completion of Knauf’s acquisition of USG. This acquisition creates a global building materials industry leader that will be even better positioned to meet customers’ needs by leveraging two highly complementary businesses, product portfolios and global footprints.

“This transformational transaction is the largest acquisition in Knauf’s history and, accordingly, presents significant opportunities to create a stronger, more sustainable company for our employees, customers and communities,” said Alexander Knauf, general partner of Knauf. “We greatly admire USG’s strong brands, leading market positions in North American wallboard and ceilings, and highly talented employee base. We are excited to welcome USG employees to the Knauf family and look forward to working together to accelerate growth and profitability and even better serve our customers.”

Chris Griffin, incoming CEO of USG, added, “I am excited to be back at USG, working with a talented USG team and Knauf leadership to make this combination a huge success. Our immediate priorities are ensuring a smooth transition for our employees, helping our customers be successful by putting them at the center of everything we do and driving operational excellence across the business.”

USG stockholders will receive a payout in cash for each share of USG common stock held at the effective time of the merger, without interest and subject to tax withholding as applicable. This closing consideration is in addition to the special dividend that was previously paid on October 2, 2018 to holders of record as of the close of business on August 21, 2018.

Shares of USG common stock will cease trading on the New York Stock Exchange and the Chicago Stock Exchange and will be delisted from the NYSE and CHX.

For more information, visit www.usg.com.