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USG Stock Up on $670 Million ABC Supply Deal, Mulls Resuming Dividend

NEW YORK (TheStreet) -- Shares of USG (USG) were jumping 8.48% to $30.40 on heavy trading volume mid-afternoon Monday after the Chicago-based building materials manufacturer entered into a definitive agreement to sell its distribution unit to ABC Supply for $670 million.

USG said that it could resume dividend payments after a 15-year hiatus following the deal's close, Bloomberg reports.

The proceeds from the transaction will go toward repaying debt, which CEO Jim Metcalf said in a conference call will free up cash.

The company plans to reinvest in the business and eventually...