Swiss cement giant Holcim has announced plans to exit its Nigerian operations by selling its nearly 84% stake in Lafarge Africa to China’s Huaxin Cement.
The deal is valued at $1 billion, marking a significant move for both companies in the global cement industry, according to Reuters.
Holcim’s decision to sell its 84% stake in Lafarge Africa to Huaxin Cement for $1 billion is part of its strategy to streamline its portfolio and focus on high-growth regions.
This move coincides with its plan to spin off its North American business, which is expected to list in the U.S. by the first half of 2025.
The Lafarge Africa transaction, subject to regulatory approvals, is anticipated to close in 2025.
While Holcim did not specify reasons for exiting Nigeria, the sale likely reflects its shift towards markets with stronger growth prospects and alignment with its broader strategic objectives.
In November last year, Holcim revealed that it had reached agreements to sell its operations in Uganda and Tanzania, saying they “advance our strategy to consolidate our leadership in core markets as the global leader in innovative and sustainable building solutions”.
