James Hardie Industries will sell its European Fermacell business to Swiss building-materials company Holcim for €840 million in cash, or about $980 million. The divestiture is part of James Hardie’s effort to focus on higher-growth and higher-return markets, including the U.S. and Australia. The transaction is expected to close in the first half of next year. Holcim’s acquisition will expand its building, sustainable flooring and walling solutions, while James Hardie’s fiber cement products remain associated with exterior siding and wall panels. James Hardie Industries PLC ADRs rose 1% in after-hours trading Thursday.