Doubling of French materials giant's mortar business is part of northern European expansion plan
Construction materials producer Saint-Gobain has finalised its acquisition of mortar company Maxit for £1.4bn.
Maxit is an industrial mortar firm, which reported sales of £1.03bn last year. The company owns 103 plants in 30 countries.
Saint-Gobain said that the acquisition will double its mortar business, which grew by 13.6% last year. It will also allow Saint-Gobain to expand further in Germany and Scandinavia.
Maxit's parent company, HeidelbergCement, previously announced that it will use the proceeds to finance its acquisition of UK building materials company Hanson.
In its statement to the stock market, Saint-Gobain said: “The Maxit acquisition falls within the scope of the group's strategy to deepen its footprint in construction markets, in its unique capacity as world leader in its field, delivering innovative solutions for the key challenges of our time: growth, energy and the environment.”