Saint-Gobain has completed the divestment of its pipes subsidiary, PAM Building, to investment entity Aldebaran, with a minority stake from the French public investment bank Bpifrance.

PAM Building, a specialist in the manufacturing of sanitary and rainwater drainage solutions, operates two production plants in France and the UK.

The unit employs 400 people and generated revenues of approximately €110m ($115.18m) in 2023.

The Telford, UK, production site of PAM Building dates back to the early 1700s when it was a coal mining operation, insidermedia reported.

It transitioned to an ironworks in the mid-18th century, producing a variety of iron goods.

The site has undergone several transformations, including the establishment of the Sinclair Iron Co in the 20th century, which later became part of Glynwed Foundries.

Saint-Gobain acquired the site from Glynwed in 1997.

This divestment is a strategic component of Saint-Gobain's 'Grow & Impact' plan, which focuses on optimising the company's business profile.

Saint-Gobain focuses on designing, manufacturing, and distributing materials and services that emphasise sustainability and performance.

The company reported sales of €47.9bn in 2023 and has a workforce of 160,000 employees across 76 countries.

It is also committed to achieving net-zero carbon emissions by 2050.

Last month, the French multinational announced that the construction of a new steel ladle slag plant in Raahe, Finland, was underway.

The facility, set to be completed in 2025, is expected to transform steel slag into low-carbon binders, offering an eco-friendly alternative to traditional cement.

In October this year, Saint-Gobain agreed to purchase Kilwaughter Minerals, a Northern Irish quarrying and mineral processor.