November 7, 2017 / 11:12 PM / a year ago

James Hardie Industries to buy Germany's Fermacell

Nov 8 (Reuters) - James Hardie Industries Plc said on Wednesday that it would buy the German holding company of fiber gypsum board maker Fermacell GmbH from Xella International SA in a transaction valued at 473 million euros ($548 million) in cash.

The fiber cement product maker said the purchase of holding company XI (DL) Holdings GmbH will also include units other than Fermacell.

James Hardie intends to fund the deal with debt and expects it to be accretive in the second full fiscal year after its close. It is expected to close in the fourth quarter of the company’s 2018 fiscal year. ($1 = 0.8624 euros) (Reporting by Aaron Saldanha in Bengaluru; Editing by Lisa Shumaker)

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