Cement and building materials giant LafargeHolcim has announced the $3.4 billion (£2.5bn) acquisition of Bridgestone subsidiary Firestone Building Products (FSBP) in a bid to strengthen its presence in the sustainable solutions market.

FSBP develops technologies and solutions, including cool roofs, insulation and waterproof systems.

According to recent research, almost 60% of the energy is lost through roofs of buildings.

Jan Jenisch, LafargeHolcim Chief Executive Officer, said: “Today’s milestone is a strategic leap on our journey to become the global leader in innovative and sustainable building solutions, to build a world that works for people and the planet.”

Paolo Ferrari, Bridgestone Americas President, Chief Executive Officer and Chief Operating Officer, commented: “This transaction will create new growth opportunities for Firestone Building Products and allow Bridgestone to focus its resources to further invest in the company’s tire business and rapidly growing mobility solutions business