Germany's HeidelbergCement says it is selling its North American and British brick and concrete pipe business, Hanson Building Products, to an American affiliate of investor Lone Star Funds in a deal worth $1.4 billion. HeidelbergCement said Wednesday it expects the transaction to close by March, 2015. It says the proceeds will be used to pay off debts. HeidelbergCement CEO Bernd Scheifele said the unit being sold is outside the core operation of his company. Hanson Building Products has more than 4,600 employees as well as 107 manufacturing plants and 11 distribution centers in the U.S., eastern Canada and the Great Britain.

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