Pursuits
Lone Star Buys HeidelbergCement Bricks Unit for $1.4 Billion
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HeidelbergCement AG agreed to sell its brick and roof-tile business to Lone Star Funds for $1.4 billion, as it looks to cut debt and return its focus to products such as cement and aggregates.
The sale of Hanson Building Products includes North American assets outside of western Canada as well as operations in the U.K., the Heidelberg, Germany-based cement maker said in a statement today. The price includes a payment of as much as $100 million from Lone Star that’s dependent on the performance of the business in 2015.