France’s Saint-Gobain has entered into an agreement to buy Dubai-based construction chemicals company FOSROC for around 960 million euros ($1.03 billion) to drive its international expansion, the company announced on Thursday.
The transaction, which will be fully financed with cash, is expected to close by the first half of 2025.
Saint-Gobain has been actively seeking acquisitions outside of Europe as part of its strategy to expand its global presence in the construction chemicals sector. Since 2021, the Paris-based multinational has acquired 35 companies, including Chryso and GCP, which operate in the same sector.
The acquisition of FOSROC, based in the United Arab Emirates, will allow Saint-Gobain to expand in high-growth markets such as India and the Middle East, according to CEO Benoit Bazin.
Saint-Gobain expects to realize synergies of $54 million in the third year after the deal is completed.
