ZURICH (Reuters) -Holcim AG said on Tuesday it has agreed to acquire U.S. roofing systems manufacturer Duro-Last.
The Swiss cement maker said the transaction is valued at $1.29 billion and that, as a result, Holcim roofing systems will exceed $4 billion in net sales ahead of schedule.
"Duro-Last is a perfect strategic fit for our roofing business," said Holcim Chief Executive Jan Jenisch in a statement.
"Its proprietary technologies and leading brands complement our offering in the fast-growing North American market."
The deal is expected to close by the second quarter of this year.
Last month, Holcim announced it was bolstering its North American roofing business by purchasing a U.S. fiberglass matt facility.
And it looks like more acquisitions could be in the pipeline.
"Last year alone we bought 20 companies," Jenisch told German newspaper Sueddeutsche.
"We want to continue our strategy and buy more good companies to expand our new business areas."
Jenisch, who has led Holcim since 2017, said he sees potential for the company to further expand into North America.
"In the USA, for example, our market shares are still relatively small, but they could easily double in the future," he said.
(Reporting by Noele Illien; Editing by Christopher Cushing and Kim Coghill)