Saint-Gobain signed a binding agreement to sell its merchanting brands in the U.K. to Stark Group AS for $907.4 million, according to MarketWatch.
The French building materials company says that these U.K. assets, including the builders and timber merchant Jewson, are expected to generate revenue of roughly $2.85 billion this year, with an operating margin of around two percent. The distribution business comprises 600 outlets and employs some 8,900 people. Saint-Gobain will no longer have any distribution businesses in the U.K. following the divestment.
The transaction should be completed in the first quarter of 2023.
