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Global building materials company Lafarge, Paris, France, has agreed to sell its North American Gypsum division to an affiliate of Lone Star Funds, a private equity firm based in Austin, TX. The transaction is valued at $700 million.
Lafarge North America's gypsum division manufactures gypsum wallboards and joint compounds throughout a network of plants in the United States and Canada. In 2012, these operations generated sales of $310 million.
The sale is part of Lafarge's strategy to focus on the core businesses of cement, aggregates and ready-mix concrete.
Lafarge posted sales of €15.8 billion (US$20.7 billion) in 2012.