Fletcher Building's Formica business is buying the rest of a metal and specialty laminates firm in Germany for $48 million.
Formica has been a 50% shareholder and the largest customer of Homapal Plattenwerk for almost 30 years.
Full ownership of Homapal will increase Formica's presence in Germany, which is one of the world's largest laminate markets.
Homapal makes laminates of aluminium, brass, copper and other metal foil, and employs 70 people.
The deal should be completed in early April.