ZURICH (Reuters) – Switzerland’s Holcim is to acquire thermoplastic roofs manufacturer FDT Flachdach Technologie GmbH, the world’s biggest cement maker said on Thursday.

“By acquiring FDT we are further expanding our Solutions & Products business to become a global leader in roofing systems,” Chief Executive Jan Jenisch said in a statement.

Holcim said the purchase, the latest in a string of recent acquisitions, will mean its roofing systems will exceed $4 billion in net sales ahead of schedule.

Headquartered in Germany, FDT is focused on European markets and had net sales of 50 million euros ($53.51 million) in 2022.

Holcim will purchase FDT from private equity company Mutares SE & Co, which is focused on company turnarounds.

The closing of the transaction is expected in the first quarter of 2023. The purchase price has not been disclosed.

($1 = 0.9345 euros)

(Reporting by Noele Illien; Editing by Jacqueline Wong and Janane Venkatraman)