HeidelbergCement says it will use proceeds of the sale to finance acquisition of Hanson

HeidelbergCement has sold its clay and mortar company Maxit Group to building materials giant St Gobain for €2.1bn (£1.4bn).

The acquisition will double the size of St Gobain’s industrial mortars division and cement its position as the world’s largest building materials group.

HeidelbergCement said it will use the proceeds from the sale to help finance its acquisition of British building materials firm Hanson.

Maxit is the leading mortars firm in Germany and Scandinavia, with a turnover of €1.2bn and operating income of €179m in 2006.

St Gobain says the acquisition will enhance its hold on the European market on top of its existing coverage of French and Southern European sectors through its Weber trademark.