Lafarge continues asset sales

Cement producer Lafarge said it had sold its 20% minority stake in European and South American gypsum business Siniat – continuing a string of recent asset sales.

The 20% share has been acquired by Etex for € 145 million (US$ 199 million) in cash. “After a successful collaboration with Lafarge Gypsum spanning almost 20 years, Etex will have full control over the Siniat gypsum business in Europe and Latin America. In Latin America it holds a number one position, in Europe it ranks among the three major players,” Etex said.

Lafarge said it expected the transaction to be completed in the coming weeks. The news comes after the company announced plans to sell its cement operations in Honduras to Cementos Argos in September – a deal worth € 435 million (US$ 580 million).

Earlier this year it also sold US$ 700 million worth of gypsum plants to an affiliate of private equity company Lone Star Funds in North America, while its Ukraine-based Mykolaiv Cement business was bought by CRH for € 96 million (US$ 132 million).