Bridgestone to sell Firestone Building Products unit for $3.4B
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NASHVILLE, Tenn. Bridgestone Americas Inc. has agreed to sell its Firestone Building Products unit in a $3.4 billion deal that will allow the tire maker to focus its resources on its core tire and emerging mobility solutions businesses.
LafargeHolcim Ltd., a Swiss building products company, is buying the business, which produces commercial roofing and building envelope solutions at 15 facilities throughout the U.S.
Paolo Ferrari, Bridgestone Americas CEO, president and chief operating officer, said the strategic divestment of this unit will allow Nashville-based Bridgestone to focus on its core tire and mobility businesses.
European stocks climbed for a second straight session on Thursday as construction stocks gained on upbeat sales forecast from Saint Gobain and commodity-linked shares rose on hopes of larger U.S. stimulus after Democrats won Senate control.
LafargeHolcim Emerges From Messy Merger With U.S. Deal
Bloomberg 1/7/2021 Leonard Kehnscherper
(Bloomberg) LafargeHolcim Ltd. is buying Bridgestone Corp.’s Firestone Building Products unit for $3.4 billion as the cement behemoth turns the page on years of restructuring that followed its creation in 2015.
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The transaction will expand LafargeHolcim into the roofing business in the U.S., its largest market, Chief Executive Officer Jan Jenisch said in a statement Thursday. The company also aims to broaden the asset’s reach to Europe and Latin America.
Jenisch, hired in 2017 to clean up the botched Swiss-French merger of Holcim Ltd. and Lafarge SA, had to slash costs and sell assets in Southeast Asia to salvage the transaction. The ex-CEO of chemical and roofing-membrane maker Sika AG is now returning to his earlier stomping ground and pitting LafargeHolcim against his former employer in some markets.
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BRUSSELS/FRANKFURT/PARIS (dpa-AFX) - European stocks were broadly higher on Thursday as a Democrat sweep in U.S. Senate race lifted stimulus hopes. Following a Democratic sweep in Georgia, investors