Home improvement giant Lowe’s finalizes $8.8B Foundation Building Materials buy

Lowe’s, a national home improvement chain, has finalized an agreement to acquire the company Foundation Building Materials for about $8.8 billion, according to a Lowe’s statement.

Since 2011, Foundation Building Materials has expanded its network to more than 370 locations in the United States and Canada.

It is a leading distributor of interior building products, including drywall, metal framing, ceiling systems, insulation, commercial doors and hardware, according to Lowe’s statement.

The acquisition will accelerate its “Total Home Strategy” by expanding its offerings to customers, according to the statement.

By combining FBM capabilities — such as a robust trade credit platform, improved digital tools and faster fulfillment — with Lowe’s existing products and services from its recently acquired Artisan Design Group, the company said it aims to become a premier destination for large-scale projects.

“Completing the acquisition of FBM is an important step in accelerating our Total Home strategy to serve large Pro customers within a $250 billion total addressable market,” Marvin R. Ellison, Lowe’s chairman, president and CEO, said. “With these acquisitions, Lowe’s will be well-positioned to expand our market penetration and capitalize on the expected recovery in housing, with an estimated 16 million new homes needed in the U.S.by 2033.”

“By expanding our Pro penetration, we also expect to drive more sustainable sales and profit expansion and deliver long-term shareholder value,” he continued.

Lowe’s serves about 16 million customers a week in the U.S. and has 1,700 home improvement stores.

According to the company’s website, there are 28 Lowe’s locations in Massachusetts.