Dallas-based private equity firm Lone Star Funds agreed to spend $700 million for a set of North American assets that were being sold by French industrial and construction company Lafarge SA (EPA: LG).

Lafarge’s North America’s gypsum division, which produces plasterboard and drywall materials, generates roughly $75 million of Ebitda. The sale comes after the 2011 divestment of the Paris company’s European and South American gypsum divisions, in addition to its Australian and Asian gypsum operations.

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