Holcim sells Lafarge Africa stake for $1b

Swiss cement manufacturer Holcim announced its decision to exit the Nigerian market by selling its nearly 84 per cent stake in Lafarge Africa to China’s Huaxin Cement for $1 billion.

The deal, which is subject to regulatory approvals, is expected to close in 2025, according to a statement from Holcim on Sunday.

The sale is part of Holcim’s broader strategy to streamline its portfolio and concentrate on high-growth regions. This move is aligned with the upcoming spin-off of its North American business, which is on track for a US listing in the first half of 2025.

Holcim has been focusing on sustainable growth within its core markets, prioritising higher-margin products and strategic infrastructure investments. The company has also been enhancing its environmental credentials, recently acquiring a stake in Sublime Systems, a US tech start-up working on low-carbon cement. In October, Holcim reported a slightly better-than-expected recurring operating profit of 1.67 billion Swiss francs ($1.90 billion) for the third quarter.

Attribution: Reuters

Subediting: M. S. Salama