Lowe's Cos. said Wednesday it has agreed to buy interior building products distributor Foundation Building Materials for about $8.8 billion.

The home improvement retailer is betting on the acquisition to boost its Total Home strategy by strengthening its product lineup for professional customers such as contractors and builders through faster order fulfillment.

The move follows Lowe's acquisition of Artisan Design for $1.33 billion in April.

The company raised its total annual sales forecast to a range of $84.5 billion to $85.5 billion, compared to its prior expectation of $83.5 to $84.5 billion.