• Creates a leading exterior and outdoor living growth platform
• Accelerates material conversion-led growth
• Provides customers a comprehensive solution of leading exterior brands
• Delivers best-in-class financial profile and broader shareholder base
• Unlocks significant value through higher growth and synergies

The announcement details the combination of James Hardie Industries Plc (JHX) and The AZEK Company Inc. (AZEK), creating a leading exterior and outdoor living growth platform. The combination is expected to accelerate material conversion-led growth, provide customers with a comprehensive solution of leading exterior brands, deliver a best-in-class financial profile and broader shareholder base, and unlock significant value through higher growth and synergies. The combined company will have a strong presence in the residential repair and remodel market, with a product mix focused on exteriors, including fiber cement and decking, accessories, and railing. The transaction is expected to generate significant financial benefits, including accelerated net sales and adjusted EBITDA growth, substantial cost and commercial synergies of over $350 million in additional annual adjusted EBITDA, robust free cash flow generation of over $1 billion annually, and accretion to James Hardie's cash earnings per share. The combined company is also expected to have an attractive return on invested capital that exceeds the cost of capital within the medium-term, with the potential for a valuation uplift for James Hardie due to the company's compelling financial profile and dual major global listings on the NYSE and ASX.