Lowe's Cos said on Wednesday it has agreed to buy interior building products distributor Foundation Building Materials for nearly $8.8 billion, stepping up its expansion into the business that serves contractors and builders.

Lowe's has announced an $8.8-billion acquisition of Foundation Building Materials, a major distributor of interior building products for commercial and residential construction.

Lowe's ( LOW, Financials) said Wednesday it will acquire Foundation Building Materials for $8.8 billion, stepping deeper into the $250 billion professional builder market as do-it-yourself demand remains weak.