Hanson sold to American fund for $1.4bn

UK and US building products group Hanson has been sold to an American fund for $1.4bn (£900m).

Hanson’s parent company, Heidelberg Cement, confirmed the sale to an American affiliate of Lone Star Funds on Christmas Eve.

Heidelberg Cement expects to close the transaction in the first quarter of this year.

Dr Bernd Scheifele, chief executive of Heidelberg Cement, said: “Hanson Building Products is a multinational business with leading market positions, but the focus of its product portfolio on bricks, pressure and gravity pipes and precast is outside the core businesses of Heidelberg Cement.

“We are pleased that Lone Star will acquire this business which as an experienced financial investor will support the sustainable development of the business going forward.”