Holcim to acquire Fermacell for €840 million in major European building solutions deal

Swiss building materials group Holcim has agreed to acquire Fermacell from James Hardie Industries for €840 million, in a transaction designed to strengthen its higher-value building solutions business across Europe and accelerate the implementation of its NextGen Growth 2030 strategy.

Fermacell, headquartered in Düsseldorf, Germany, is an established European provider of walling and flooring solutions specialising in high-performance fibre gypsum and cement-bonded boards. The business is expected to generate approximately €430 million in net sales in 2026 and employs more than 1,000 people.

The company operates across 13 European markets through six production sites, giving Holcim an expanded position in walling, flooring and fire protection. The acquisition also brings the premium fermacell® and Aestuver® brands into the Swiss group's portfolio.

For Holcim, the transaction goes beyond increasing its manufacturing footprint. Fermacell's products will complement existing brands including Ytong, Silka, Hebel and Multipor, as the company seeks to broaden its integrated building systems and modular construction offering.

“This strategic acquisition is another milestone in our vision to be the leading partner for sustainable construction, expanding Holcim's high-value Building Solutions in line with our NextGen Growth 2030 strategy,” Holcim CEO Miljan Gutovic said.

Gutovic added that fermacell and Aestuver would complement the group's existing premium brands and expand its capabilities in integrated building systems and modular construction.

The acquisition comes as Holcim increasingly focuses on providing solutions across a larger portion of the construction value chain, extending from traditional building materials towards higher-value products and integrated systems for foundations, flooring, walls and roofing.

Holcim expects €22 million in annual synergies

The financial structure of the transaction provides another indication of Holcim's expectations for the business.

The €840 million enterprise value represents an implied pro forma 2027 EBITDA multiple of 9.5 times. Once expected run-rate synergies of approximately €22 million are incorporated, that multiple falls to 7.6 times.

Holcim expects those synergies to be fully realised by the third year following the transaction. The acquisition is also projected to be accretive to earnings per share from the first year, supporting the group's argument that the deal combines strategic expansion with financial discipline.

Fermacell's projected €430 million in 2026 net sales means the transaction values the business at roughly two times annual sales, based on the figures disclosed by Holcim.

The acquisition is particularly significant for the group's European operations. Fermacell's established presence across 13 markets gives Holcim additional exposure to demand for walling and flooring systems while expanding its portfolio of products positioned around efficiency and sustainable construction.

Its fibre gypsum boards are used across wall, ceiling and flooring applications, while the Aestuver business adds cement-based solutions and fire-protection applications. The combination is intended to allow Holcim to offer customers a broader range of systems rather than individual building materials.

That strategy sits at the centre of NextGen Growth 2030, Holcim's framework for its next phase of expansion. The group is seeking to increase its exposure to high-value building solutions while positioning itself as a provider spanning multiple stages of the built environment.

Holcim generated CHF 15.7 billion in net sales in 2025 and employs more than 50,000 people across 45 countries in Europe, Latin America, Asia, the Middle East and Africa. Its portfolio already includes brands such as ECOPact, ECOPlanet, ECOCycle and Ytong.

The Fermacell deal gives the group additional scale in Europe while adding established products to areas where Holcim sees opportunities for growth, including modular construction and integrated building systems.

It also represents another example of consolidation within Europe's construction materials industry as large groups look beyond traditional cement and aggregates businesses towards specialised products capable of generating greater value per customer and addressing changing construction requirements.

For Holcim, the strategic rationale rests on combining Fermacell's established European footprint and specialised product portfolio with its own distribution, building solutions and commercial capabilities.

The transaction remains subject to customary closing conditions and regulatory approvals and is expected to be completed during the first half of 2027.

If approved, Fermacell will bring Holcim not only approximately €430 million in additional annual sales, but also a stronger position in a segment that the Swiss group considers central to its future: higher-value, integrated solutions for a European construction industry increasingly focused on efficiency, modularity and sustainability.