Boral is an international building products and construction materials group with three strong divisions: the high-performing, well-positioned construction materials business of Boral Australia; USG Boral, a fast-growing plasterboard joint venture in Asia, Australia and the Middle East; and Boral North America, a scaled and growing building products and fly ash business. Employing more than 26,000 employees and contractors, Boral’s operations span 826 building and construction materials operating and distribution sites globally.
FY2019 marked a significant year in Boral’s transformation. Our strategy to harness sustainable growth has seen Boral invest in less energy-intensive, lighter weight, more innovative products and reduce exposure to lower growth, energy-intensive, high cost operations. In line with our strategy, this year we deployed capital from non-core businesses into businesses that we know will secure Boral’s future.
Boral delivered a solid result in FY2019, with benefits from cost reductions and improvement initiatives, and continued infrastructure activities, helping to offset impacts of residential market declines. In FY2019, we reported an underlying profit after tax (excluding significant items) of $440 million, down 7% on the prior year. Headwaters acquisition synergies of US$32 million were slightly ahead of plan, and our year-four synergy target of US$115 million remains on track.
Our strategy to deliver improved performance and sustainable growth for all stakeholders is progressing well.