On Thursday, the world’s biggest cement maker LafargeHolcim said, it will acquire Firestone Building Products from Bridgestone Americas for $3.4 billon.
Firestone Building Products specialises in commercial roofing in the United States. In 2020, it recorded sales of around $1.8 billion as well as earnings before interest, depreciation and amortisation of $270 million.
The move marks a departure from LafargeHolcim’s recent strategy of focussing on small-scale bolt-on acquisitions.
LafargeHolcim will finance the deal with cash and debt.
The deal has synergy will boost LafargeHolcim’s traction in the United States, pushing up its U.S. sales to $6 billion.
The Swiss giant said, it plans on expanding the flat roofing business to Europe and South America.
“With Firestone Building Products we are strengthening our biggest market, the U.S., while also building a global growth and innovation platform for the company,” said LafargeHolcim’s CEO Jan Jenisch.