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NEW YORK (TheDeal) -- French building materials maker Cie. de Saint-Gobain SA said it had identified 4 billion ($5.4 billion) of small and mid-scale acquisitions it wants to make over the next five years. It plans to spend about 2 billion to 3 billion in the U.S. and emerging markets to accelerate expansion away from the sluggish European building sector, Saint-Gobain Chairman and CEO Pierre"Andre de Chalendar sais at an investors conference.
The company's $1.69 billion sale of glass-container maker Verallia North America to Ardagh Group SA, which was announced in June, will help fund the purchases. Saint-Gobain said it will seek to sell the rest of Verallia as soon as the U.S. deal completes. Saint-Gobain wants to increase its assets outside of Western Europe from about 50% of its value to 63% by 2018, and identified Africa, where it wants to double sales to 400 million by 2018, and the U.S., where it is "screening acquisition opportunities," as key growth markets. -
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