James Hardie (JHX) is a leading international building materials group that produces a wide range of fibre cement building materials used in the exterior and interior of residential and commercial buildings.
The company is also the largest seller of home siding (imitation wood) in the US, and produces fibre cement in the US, Australia, New Zealand and the Philippines.
On 17 May, JHX announced a 5% share buyback, and will resume dividend payments following its second quarter results in November.
An interim dividend will be paid after the second quarter results, whilst a further dividend will be paid following its full year results in May 2012.
The buyback will be conducted on-market during the next 12 months, and is designed to optimise JHX’s capital structure.
JHX also reported that its net debt fell to an unaudited US$40.4 million by March 31, down from US$134.8 million a year earlier.
James Hardie was one of the market’s hot shares ahead of the buyback announcement.