Lowe’s Buying Foundation Building Materials for Almost $8.8B Intensifying Focus on Pro Builders

Lowe’s is buying Foundation Building Materials, a distributor of drywall, insulation and other products, for approximately $8.8 billion as the home improvement retailer intensifies its focus on professional builders.

FBM also provides metal framing, ceiling systems, commercial doors and hardware and other products that serve large residential and commercial professionals in both new construction and repair and remodel applications. It has more than 370 locations in the United States and Canada serving 40,000 professional customers.

The acquisition is part of Lowe’s move to provide more options for professional builders. The Mooresville, North Carolina-based company recently closed on its $1.3 billion acquisition of Artisan Design Group, a provider of design, distribution and installation services for interior surface finishes, including flooring, cabinets and countertops, to home builders and property managers.

Read more at AP News