Superior Plus to sell unit for $325 million

Tue Jul 5, 2016 8:03am EDT
 
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(Reuters) - Canadian chemical maker Superior Plus Corp (SPB.TO: Quote) said it was selling its construction products distribution business for $325 million to reduce debt and focus on its other businesses.

Superior Plus, which scrapped the takeover of rival Canexus Corp CUS.TO last week, said on Tuesday it would pursue acquisitions to expand its business.

The Toronto-based company, which also has energy distribution and specialty chemicals businesses, said the sale of the construction products unit to California-based Foundation Building Materials LLC is expected to close in the second half of 2016.

(Reporting by Vishaka George in Bengaluru; Editing by Don Sebastian)