Eagle Materials says board approves plan to spilt core businesses

May 30 (Reuters) - Eagle Materials Inc said on Thursday its board has approved a plan to separate its heavy materials and light materials businesses into two publicly traded companies, bowing to pressure from New York-based hedge fund Sachem Head Capital Management.

Earlier this month, Sachem, which disclosed a 9 percent stake in Eagle Materials in March, urged the company to separate its cement and wallboard businesses.

Eagle Materials also said it is actively pursuing alternatives for its oil and gas proppants business. (Reporting by Sanjana Shivdas in Bengaluru; Editing by Maju Samuel)