GENEVA (AP) — Two of the world’s largest suppliers of building materials announced plans for a “merger of equals” Monday that would create an industry giant with a combined 32 billion euros ($44 billion) in annual revenues.

Swiss-based Holcim and its French counterpart, Lafarge, said the new company would be named LafargeHolcim and be headquartered in Switzerland. They said the merger would create the most advanced group in the building materials industry — the two companies are already global leaders in the supply of cement, crushed stone, sand and gravel.