Boral Ltd
(ASX:BLD) says it has penned a deal to buy stone veneer supplier, Owens Corning Masonry Products from North American company Owens Corning.
The building materials supplier says the purchase will occur over two parts. Boral will pay $US45 million for the first 50 per cent on the company, and a minimum of $US45 million for the remaining 50 per cent.
The first stage of the deal is expected to be completed by year end.
Boral says the acquisition will allow the company to expand its offerings in the United States ahead of an expected improvement in the building sector.
Boral slipped into the red in fiscal 2010, posting a net loss of $89.3 million.
