CMC to acquire Foley Products for $1.84 billion amid U.S. building-products deal boom
Commercial Metals Company (CMC) announced on Thursday it will acquire Foley Products Co, a concrete supplier, for $1.84 billion in cash, as mergers and acquisitions accelerate across the U.S. building-products sector.
CMC said the acquisition is expected to boost earnings and cash flow, generating annual synergies of $25 million to $30 million in EBITDA. Foley, based in Newnan, Georgia, operates 18 facilities across the U.S. Southeast, Central, and Western regions, supplying precast concrete and concrete pipe for infrastructure projects including utilities, water supply, and stormwater management, News.Az reports, citing Reuters.
Deal activity in the sector has surged as companies seek scale and local supply chains to mitigate tariffs, with support from residential, renovation, and non-residential construction demand. Recent transactions include TopBuild’s $1 billion purchase of SPI, Home Depot’s $4.3 billion acquisition of GMS, and QXO’s $11 billion deal for Beacon Roofing Supply.
CMC also reported fourth-quarter adjusted earnings of $1.37 per share, slightly above analysts’ $1.36 expectation, and its shares rose 1% in premarket trading. Financial and legal advisers for the deal were Moelis & Company and Akin Gump, respectively.
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