Lafarge sells some US assets to Cementos Argos for $760 million
13 May 2011
Lafarge has said that it has sold some of its cement and concrete assets in the US for an enterprise value of $760 million to Colombian conglomerate Cementos Argos.
The divestiture would help the French group, which posted sales of €16.2 billion in 2010, cut debt through sale of assets worth $1.07 billion this year.
Paris-based Lafarge, the world's largest cement maker sold its Harleyville cement plant in South Carolina and the Roberta cement plant in Alabama, a cement grinding station in Atlanta (Georgia), and associated supporting cement terminals.
Lafarge is also selling its ready-mix concrete units in this area of the US. The total revenues of these divested businesses were approximately $240 million in 2010.
Post completion of the sale, Lafarge's North America operations will consist of 21 cement and grinding plants with a combined capacity of 19 million tons, as well as significant positions in its other product lines, said Lafarge in a statement.
Early this year, Lafarge said that it would cut debt by €2 billion and aim to divest at least €750 million this year. The group had net debt of €14.24 billion at the end of March.
