Lowe’s has agreed to acquire Foundation Building Materials for $8.8 billion to enhance its contractor business. This move is part of Lowe’s strategy to expand in the professional builder market, alongside its recent $1.33 billion acquisition of Artisan Design. The company raised its annual sales forecast to $84.5 billion-$85.5 billion, up from $83.5 billion-$84.5 billion, after exceeding second-quarter profit estimates with earnings of $4.33 per share.

American Securities and CD&R have agreed to sell Foundation Building Materials (FBM) to Lowe's for $8.8 billion. FBM, a leading distributor of interior building products in North America, has grown significantly under its current ownership, achieving 27% annual revenue growth and 31% annual EBITDA growth. The company operates over 370 locations in the U.S. and Canada, serving 40,000 professional customers.