Switzerland’s LafargeHolcim, the world’s biggest cement maker, has agreed a $3.4 billion deal to buy US commercial roofing giant Firestone Building Products from Japan’s Bridgestone Corporation. 

LafargeHolcim will be able to fund half of the price from its existing cash position, Chief Executive Jan Jenisch told reporters.

“We don’t need to finance the full consideration of $3.4 billion,” Jenisch told a conference call.

LafargeHolcim would still probably issue bonds to pay for part of the acquisition, although the details are still to be decided, he said.

Jenisch added: “With Firestone Building Products we are strengthening our biggest market, the US, while also building a global growth and innovation platform for the company.

“Today’s milestone is a strategic leap on our journey to become the global leader in innovative and sustainable building solutions, to build a world that works for people and the planet.

“I have great respect for the high-caliber leadership and expertise of the Firestone Building Products’ team and look forward to welcoming them into the LafargeHolcim family.”

Paolo Ferrari, Bridgestone Americas President, CEO & COO: “This transaction will create new growth opportunities for Firestone Building Products and allow Bridgestone to focus its resources to further invest in the company’s tire business and rapidly growing mobility solutions business.”