James Hardie Industries will acquire Azek in a billion cash-and-stock deal of nearly $9 million, according to the Financial Times. The deal merges two major players in the U.S. home improvement market. The combined company will generate $6 billion in revenue and over $1 billion in earnings, driven largely by U.S. sales. The companies are pioneers in using synthetic materials like fiber and cement for home improvements, addressing the aging U.S. housing stock. CEO Aaron Erter said the combined company aims to lead in exterior home products and deliver above-market growth.