Lowe’s plans to shell out billions to buy a building materials company.
The company announced last week that it has agreed to pay $8.8 billion to acquire Foundation Building Materials, a distributor of interior building products, including drywall, metal framing, ceiling systems, and commercial doors.
California-based Foundation Building Materials was founded in 2011 and has more than 370 locations in the United States and Canada.
Lowe’s said the acquisition will allow the company to complete fulfillment faster and improve its digital tools. The company said it will also provide cross-selling opportunities between the two companies, as well as Artisan Design Group, which it recently acquired.
https://9d496bd82b0ac59c5fdfc07c105b8c21.safeframe.googlesyndication.com/safeframe/1-0-45/html/container.html The Artisan Design Group is a provider of design, distribution, and installation services for interior surface finishes to home builders and property managers.
Lowe’s completed the deal with Artisan Design Group in June.
The acquisition of Foundation Building Materials is expected to close in the fourth quarter of 2025, subject to customary closing conditions, including regulatory approval.
North Carolina-based Lowe’s has more than 1,700 stores.