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.

Lowe’s is buying Foundation Building Materials, a distributor of drywall, insulation and other products, for approximately $8.8 billion as the home improvement retailer intensifies its focus on profes