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James Hardie Industries plc (JHX) is a global leader in high-performance building solutions, specializing in fiber cement and fiber gypsum products. The company designs and manufactures durable and innovative building materials for residential and commercial applications. Its products are known for their resistance to moisture, fire, impact, and termites, offering superior performance compared to traditional materials like wood and vinyl siding.
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Fiber Cement Products - Manufactures siding, cladding, trim, soffit, and boards for external and internal applications under the Hardie™ brand, including Hardie® Plank, Hardie® Panel, Hardie® Trim, and Hardie® Backer.
- Hardie® Artisan® Siding - Offers premium siding solutions with enhanced aesthetic appeal.
- Hardie™ Architectural Collection - Provides advanced architectural designs for diverse building styles.
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Fiber Gypsum and Cement-Bonded Boards - Produces interior dry lining walls, timber frame building walls, and flooring solutions under the fermacell® and AESTUVER® brands.
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Residential Segment - Offers composite decking, railing, trim, moulding, pergolas, cabanas, and accessories for residential construction.
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Commercial Segment - Supplies lockers, bathroom partitions, and other commercial building products, with a focus on high-value solutions.
| Name | Position | External Roles | Short Bio | |
|---|---|---|---|---|
Aaron Erter ExecutiveBoard | Chief Executive Officer (CEO) | Board of Directors for Ball Corporation; Board of Directors for Chicagoland Habitat for Humanity; Pro Football Hall of Fame National Advisory Board; Harvard Joint Center for Housing Studies; First Tee | Aaron Erter has been serving as the Chief Executive Officer (CEO) of James Hardie Industries plc since September 1, 2022. He is also the sole executive director on the board and brings over 25 years of experience from prior leadership roles at companies such as PLZ Corp and Sherwin-Williams. | View Report → |
Farhaj Majeed Executive | Chief Human Resources Officer (CHRO) | Farhaj Majeed is the Chief Human Resources Officer at JHX since February 2023. He has over 25 years of global HR experience and has previously served at Whirlpool Corporation, Abbott Laboratories, Mondelez International, and Kraft Foods. | ||
James Johnson II Executive | Chief Information Officer (CIO) | James Johnson II has served as the Chief Information Officer at James Hardie Industries since December 2021, leveraging over 25 years of IT experience and 15 years as CIO. Previously, he held IT roles at Carpenter Technology, Honeywell International, Performance Fibers, and Trinseo. | ||
Joe Liu Executive | Chief Technology Officer (CTO) | Joe Liu is James Hardie’s Chief Technology Officer (CTO) since January 2022; previously, he served as the general manager for the Asia Pacific business and spent 26 years at 3M. | ||
Rachel Wilson Executive | Chief Financial Officer (CFO) | Rachel Wilson has been the Chief Financial Officer at James Hardie Industries since August 2023, bringing a 30-year track record of managing multi-billion dollar transactions and driving stakeholder value. Previously, she served in senior financial roles at R1 RCM, Iron Mountain, and began her career at Morgan Stanley. | ||
Tim Beastrom Executive | Chief Legal Officer | Tim Beastrom is the Chief Legal Officer at James Hardie Industries since January 2023, with 25 years of in-house legal experience in corporate governance, securities law, and mergers and acquisitions. Previously, he held senior legal roles at Ecolab, Inc., Sherwin-Williams Company, and The Valspar Corporation. | ||
Anne Lloyd Board | Independent, Non-Executive Chair | Director at Insteel Industries, Inc. ; Director at Highwoods Properties, Inc. ; Director at New Frontier Materials LLC | Anne Lloyd has been serving as the Independent, Non-Executive Chair at JHX since November 2022 and has been on the Board since November 2018. Previously, she held key roles such as Interim CFO and Chair of the Audit Committee, significantly contributing to the company’s governance and oversight. | |
Harold Wiens Board | Independent, Non-Executive Director | The Rejuvi Venture, Inc. (Unlisted, since 2021) | Harold Wiens has served as an Independent, Non-Executive Director at JHX since May 2020 with his term expiring in August 2026. He brings extensive leadership experience from his 38-year career at 3M, including roles as Executive Vice President and other senior positions. | |
John C. Pfeifer Board | Independent, Non-Executive Director | Oshkosh Corporation; Froedtert ThedaCare Health, Inc.; National Exchange Bank & Trust; National Association of Manufacturers | John C. Pfeifer has been serving as an Independent, Non-Executive Director at JHX since May 16, 2024. He is a member of the People & Remuneration Committee and brings over 30 years of global leadership experience from roles at Oshkosh Corporation and Brunswick Corporation. | |
Nigel Stein Board | Independent, Non-Executive Director | Nigel Stein is an Independent, Non-Executive Director at JHX, having been appointed on May 14, 2020, with his term expiring in August 2026. He also serves on the Audit Committee (since June 1, 2020) and Nominating & Governance Committee (since October 26, 2020), and has held significant roles externally in companies such as Inchcape plc and GKN Ltd. | ||
Persio V. Lisboa Board | Independent, Non-Executive Director | Director at J.B. Hunt Transport Services Inc. (NASDAQ: JBHT); Director at Ascendance Trucks, LLC; Director at Allegiance Trucks, LLC | Persio V. Lisboa has served as an Independent, Non-Executive Director at JHX since February 2, 2018. He has extensive senior leadership experience including a tenure as CEO at Navistar, Inc.. | |
Peter-John Davis Board | Independent, Non-Executive Director | Peter-John Davis is an Independent, Non-Executive Director at JHX since 10 August 2022. He brings over 40 years of industry experience, including a 15-year tenure as COO of Bunnings Australia & New Zealand, and joined the Nominating & Governance Committee on 2 November 2023. | ||
Rada Rodriguez Board | Independent, Non-Executive Director | CEO of Signify DACH; Director at ZVEI | Rada Rodriguez has served as an Independent, Non-Executive Director at JHX since November 13, 2018, and holds key committee roles including Chair of the Nominating & Governance Committee since November 2022. She is also the CEO of Signify DACH (since May 2021) and a Director at ZVEI (since 2014). | |
Renee J. Peterson Board | Independent, Non-Executive Director | Independent Director at Franklin Electric (Audit Committee Chair; Executive Sponsor for Franklin Women's Network); Former Board Member at Greater Twin Cities United Way (Treasurer; Finance & Human Capital Committee Chair; Executive Committee Member) | Renee J. Peterson has been serving as an Independent, Non-Executive Director at JHX since November 30, 2022. She previously held senior roles including CFO and Vice President at The Toro Company, Vice President of Finance and Planning at Eaton Corporation, and held a 25‐year career at Honeywell International. | |
Suzanne B. Rowland Board | Independent, Non-Executive Director | Sealed Air Corporation (NYSE: SEE) since 2020; Kenan Advantage Group, Inc. since 2024 | Suzanne B. Rowland serves as an Independent, Non-Executive Director at JHX since February 2021, and she brings extensive global executive experience from her previous roles at Ashland Global Holdings Inc., Tyco International plc, and Rohm and Haas Company. Her tenure in these senior leadership positions underscores her expertise in driving strategic growth and effective corporate governance. |
- Considering your guidance for a mid-single-digit decline in North American volumes, can you break down the internal expectations for repair and remodel versus single-family new construction, and explain how you plan to outperform market trends in each segment?
- Regarding the integration with AZEK, what specific priorities and milestones do you need to achieve in the first 6–12 months to secure the anticipated $500 million in commercial synergies without disrupting current operations?
- With the recent multiyear agreements signed with key homebuilders like those mentioned in the call, could you detail the duration, specific scope, and strategic impact of these partnerships, and the key metrics you plan to monitor for success?
- Given the ongoing softness in the multifamily and interior remodeling segments, what targeted strategies are you deploying to mitigate risks in these areas while aiming to drive growth in your single-family exteriors business?
- In light of the modest 1% ASP increase in North America despite a mid-single-digit price hike, can you elaborate on the factors such as discounting, mix shifts, or other pressures—particularly from multifamily—and how you plan to improve pricing realization for stronger future growth?
Notable M&A activity and strategic investments in the past 3 years.
| Company | Year | Details |
|---|---|---|
The AZEK Company Inc. | 2025 | Deal Value & Structure: The acquisition is structured via a merger agreement valued at $8.75 billion (including net debt of approximately $386 million) where each AZEK Class A common stock is converted into $26.45 cash plus 1.0340 James Hardie ordinary shares, with cash in lieu of fractional shares. Strategic Rationale: The deal is aimed at uniting complementary products, expanding the total addressable market, and generating $350 million of additional annual adjusted EBITDA from synergies, with closing expected in the second half of 2025. |
Fermacell | 2018 | Deal Value & Structure: Completed on April 3, 2018, the acquisition was executed as a stock purchase for an enterprise value of €473.0 million (approximately US$635.6 million), financed through cash and a Term Loan Facility. Strategic Rationale: By acquiring Fermacell, which operates six manufacturing plants across Europe and produces gypsum fiber boards and cement-bonded boards, James Hardie significantly expanded its European presence and created a new European Building Products segment to drive long-term growth. |
Recent press releases and 8-K filings for JHX.
- On June 17, 2025, JH North America Holdings Inc., a subsidiary of James Hardie Industries plc, issued $700.0 million of 5.875% senior secured notes due 2031 and $1.0 billion of 6.125% senior secured notes due 2032 in a private offering.
- Proceeds from the offering are held in escrow pending satisfaction of conditions to the acquisition of AZEK Company Inc., including consummation of the merger.
- Upon escrow release, net proceeds, together with borrowings under existing credit facilities and cash, will finance the cash consideration for the AZEK acquisition, repay AZEK’s credit facility and cover transaction fees and expenses.
- Until escrow release, the notes are secured only by a first-priority lien on offering proceeds; upon release, they will be secured by first-priority liens on the same assets that secure the company’s credit facility obligations.
- The notes include redemption features allowing up to 10% repurchase at 103% within specified periods and require repurchase at 101% of principal upon certain change-of-control events, plus accrued interest.
- S&P Dow Jones Indices announced the June 2025 quarterly rebalance of the S&P/ASX family, effective prior to trading on June 23, 2025.
- James Hardie Industries (JHX) is removed from the S&P/ASX 20 Index, with Brambles Limited (BXB) taking its place.
- Other key changes include the addition of Evolution Mining (EVN) to the S&P/ASX 50; Pinnacle Investment Management (PNI) and Perseus Mining (PRU) to the S&P/ASX 100; and Austal (ASB) and Nick Scali (NCK) to the S&P/ASX 200.
- The S&P/ASX All Technology Index remains unchanged.
- JH North America Holdings Inc. plans a $1.7 billion aggregate senior secured note offering via private placement, comprising a $700 million 5.875% note due 2031 and a $1 billion 6.125% note due 2032 .
- The notes are guaranteed by each wholly owned restricted subsidiary and secured by substantially the same collateral as its existing first-lien credit facilities .
- Net proceeds, along with credit facility borrowings and cash on hand, will finance the proposed AZEK acquisition, repay AZEK’s credit facility, and cover related fees and expenses .
- Funds will be placed in escrow pending merger closing and are subject to mandatory repayment if the acquisition is not consummated .
- In the event the AZEK acquisition does not close, the issuer must redeem the notes at 100% of the initial issue price plus accrued and unpaid interest .
- James Hardie to terminate its ADS program on July 1, 2025, ahead of its merger with The AZEK Company Inc. and subsequent NYSE listing.
- Upon termination, each ADR holder must surrender ADRs to receive one ordinary share per ADS via Computershare Trust Company, N.A..
- Announced syndication of $3.5 billion in senior secured credit facilities supported by 30 banks, including a $1 billion revolving credit line and $2.5 billion Term Loan A split into 3-year and 5-year tranches.
- Bridge commitments reduced from $4.3 billion to $1.7 billion ahead of the merger.
- Facilities feature Term SOFR-based margins of 1.25%–1.875% (3-year) and 1.375%–2.00% (5-year), with an interest-rate swap fixing 3-month SOFR at 3.79% on $1 billion through June 2028.
- Consummation of the merger and NYSE listing remains subject to the satisfaction or waiver of conditions, so timing may vary.
- FY2025 consolidated results: net sales of approximately $3.9 billion, GAAP operating income of $656 million and Adjusted EBITDA of $1.1 billion .
- Q4 FY2025 performance: net sales of $972 million and Adjusted EBITDA of $269 million (27.6% margin) .
- FY2025 detailed performance: operating income of $668.2 million (including $50.3 million restructuring charges and $137.6 million in asbestos adjustments) with regional results of North America $840.9 million, Asia Pacific $111.0 million and Europe $38.0 million .
- North America full-year highlights: sales of $2.9 billion, $1 billion EBITDA (35% margin) and $644 million adjusted net income .
- FY26 guidance targets: organic sales and Adjusted EBITDA growth in every region with North American net sales expected to grow in the low single-digits, stable ~35% margins and Free Cash Flow of at least $500 million .
- Merger/acquisition update: Agreed with AZEK (via cash and shares) to achieve $500 million in revenue synergies and $125 million in cost synergies over the next few years .
- FY2025 cash flow: generated $802.8 million in operating cash flow, incurred $422.2 million in capex, and ended with $562.7 million in cash as of March 31, 2025 .