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LafargeHolcim to sell China cement assets to Huaxin

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World Cement,

Reuters has reported that LafargeHolcim has agreed to sell most of the non-listed Chinese cement assets of Lafarge China Cement to Huaxin Cement Co Ltd for an estimated 208 million Swiss francs (US$215 million).

"Following our announcement earlier this week to divest our listed entity Shuangma, this transaction is a further important step towards streamlining our operations in China," Chief Executive Eric Olsen announced in a statement.

The sale of 13 cement plants and four grinding stations with an annual cement capacity of 18 million t, which requires regulatory and other approvals, would reduce net debt by 376 million francs.

Edited from source by Joseph Green. Source: Reuters

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