HeidelbergCement selling American, British brick and pipe business for $1.4 billion

Associated Press

Germany's HeidelbergCement AG says it is selling its North American and British brick and concrete pipe business, Hanson Building Products, to an American affiliate of investor Lone Star Funds in a deal worth $1.4 billion.

HeidelbergCement said Wednesday it expects the transaction to close in the first quarter. It says the proceeds will be used to pay off debts.

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HeidelbergCement CEO Bernd Scheifele said the unit being sold is "outside the core businesses" of his company.

Hanson Building Products has more than 4,600 employees as well as 107 manufacturing plants and 11 distribution centers in the U.S., eastern Canada and Britain.