Lowe’s has entered into a “definitive agreement” to acquire Foundation Building Materials (FBM) for approximately $8.8 billion.
“Joining Lowe’s is an exciting next step. Since 2011, we’ve built a leading position in drywall, ceiling systems, and metal framing, with proven success integrating acquisitions,” Ruben Mendoza, president and CEO of FBM, said in a joint news release.
“Together with Lowe’s complementary products and incredible brand, we’ll offer a more comprehensive solution for Pro customers and accelerate growth.”
Following the completion of the acquisition, expected to happen in the fourth quarter of 2025, Mendoza will remain at the helm of FBM.
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In Canada, the “seller” of the business is responsible for providing proper compensation to staff who lose their job.
If you receive a new employment contract following the acquisition, and you have a good reason for why you don’t want to accept it (i.e. different hours or pay), contact an experienced employment lawyer at Samfiru Tumarkin LLP. We’ll help you secure the severance pay you’re entitled to.
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