Major US retailer buys competitor in staggering $8.8B deal
Cleveland.com••business
Key Points:
- Lowe’s is acquiring Foundation Building Materials for approximately $8.8 billion in cash, aiming to enhance its offerings to professional contractors and builders.
- Foundation Building Materials operates over 370 locations across the U.S. and Canada, supplying drywall, metal framing, ceilings, doors, and hardware products to about 40,000 professional builders and contractors.
- The acquisition is part of Lowe’s strategy to grow in the $250 billion professional construction market by expanding product assortment, improving fulfillment speed, digital tools, and trade credit services.
- Lowe’s CEO Marvin R. Ellison highlighted that the deal strengthens the company’s position against competitors like Home Depot and supports long-term growth aligned with the expected housing market recovery.
- Foundation Building Materials
