Europe midday: US stimulus prospects continue to cheer investors ifamagazine.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from ifamagazine.com Daily Mail and Mail on Sunday newspapers.
LafargeHolcim, the world's biggest cement maker, on Thursday announced a $3.4 billion deal to buy Firestone Building Products from Japan's Bridgestone Corporation in its biggest acquisition in more than a decade.
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.
Buyer will keep HQ here, plans other deals
Bridgestone Americas executives have agreed to sell their building products division, which employs 1,900 people and last year rang up about $1.8 billion in sales, to a fellow global conglomerate for $3.4 billion.
Switzerland-based LafargeHolcim, which employs 70,000 people around the world, will fund its deal for Firestone Building Products with cash and debt and plans to close on the transaction in the second quarter, according to a release. Firestone Building Products last year produced EBITDA of $270 million and runs 15 factories that make cool roofs, insulation and waterproofing systems, among other things. Its goods are distributed through 1,800 sites, and the business also runs three research and development centers.
Print
NASHVILLE, Tenn. Bridgestone Americas Inc. has reached an agreement to divest its Firestone Building Products unit. LafargeHolcim Ltd. will pay $3.4 billion to acquire the business, which provides commercial roofing and building envelope solutions throughout the U.S.
In a statement, Paolo Ferrari, Bridgestone Americas CEO, president and chief operating officer, said the strategic divestment of this unit will allow Nashville-based Bridgestone to better focus on its core tire and mobility businesses. This transaction will create new growth opportunities for Firestone Building Products and allow Bridgestone to focus its resources to further invest in the company s tire business and rapidly growing mobility solutions business, Ferrari said.