Maas Group to Sell Building Materials Division for A$1.7 Billion, Shifts Focus to AI Infrastructure
Maas Group announced the sale of its building materials division for up to A$1.7 billion to Heidelberg Materials' local arm. The company will also invest A$100 million in AI infrastructure firm Firmus Group. This strategic pivot follows a successful contract with Firmus Technologies and marks a shift from traditional construction to data center projects, impacting about 1,140 employees. Following the announcement, Maas Group shares dropped 26.1%, the largest one-day decline in history.
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On February 5, Maas Group confirmed the sale of its Construction Materials unit for up to A$1.7 billion to Heidelberg Materials' local arm, HMA. The company will invest A$100 million in Firmus Group, acquiring a 1.7% stake.
This division accounted for nearly half of Maas' A$219 million core operating earnings in fiscal 2025. Approximately 1,140 employees will transition to HMA post-sale, expected to close in the second half of 2026, pending approvals.
The announcement led to a 26.1% drop in shares, the steepest decline recorded. Analysts noted surprise at the exit from a profitable construction sector in Queensland amidst population growth and the Brisbane Olympics.
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