Home Depot and Lowe’s are competing for the more consistent spending of professional building and repair companies, particularly as consumers delay large remodels and do-it-yourself projects, analysts say.

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.

Ruben Mendoza and the senior leadership team will continue to lead FBM. The FBM team will collaborate closely with Lowe's to continue to provide service for their pro customers.