Lowe's acquires interior finishing distributor

The US-based DIY retailer Lowe's is set to acquire Foundation Building Materials (FBM). This distributor of interior finishing products operates in North America. According to Lowe's, the parties have agreed on a purchase price of around USD 8.8 bn (EUR 7.5 bn).

FBM sells products such drywall, metal framing, ceiling systems, commercial doors and hardware, insulation and complementary products for large residential and commercial buildings in the new construction and renovation sectors. With more than 370 branches in the USA and Canada, the company supplies around 40,000 professional customers.

The acquisition is part of Lowe's ‘Total Home’ strategy. It is intended to improve the offering for pro customers through expanded capabilities, faster fulfillment, improved digital tools, a trade credit platform and cross-selling opportunities between FBM and Lowe's, as well as the recently acquired Artisan Design Group. In this way, the Lowe's Group aims to better serve large commercial customers.