North American roofing manufacturer GAF, Parsippany, NJ, has agreed to acquire Icopal from Investcorp Ltd for €1 billion (US$ 1.1 billion).

Icopal, a pan-European manufacturer of roofing and other waterproofing products, operates 36 production sites, employs 3,500 employees worldwide and has annual sales of €1 billion (US$1.1 billion). The acquisition of Icopal expands GAF's portfolio.

Building Materials Corp. of America, GAF’s parent company, will be renamed Standard Industries Inc., drawing on GAF’s founding as the Standard Paint Company in 1886.

Following the recent acquisitions of Specialty Granules Inc., Quest Construction Products and Icopal, the new name reflects the company’s expanded brands, product offerings and global reach.