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Chinese company snaps up Nigerian cement manufacturer

Dec 3, 2024, 9:51am EST
africaAfrica
Lafarge Africa/ Instagram
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The News

Swiss building materials manufacturer Holcim will sell its stake in Nigerian cement company Lafarge Africa to Huaxin, a Chinese company, it said.

Holcim said the $1 billion deal is expected to be completed in 2025.

It holds an 84% stake in Lafarge Africa but is divesting as part of a broader move to focus on core growth markets. It sold businesses in Tanzania and Uganda last year.

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Know More

Lafarge Africa is one of Nigeria’s largest cement companies with four plants that have a combined output of 10.5 million tonnes per year. The company’s profit after taxes fell 4.7% last year despite a 9% increase in net sales. Its sale is the latest instance of a Nigerian company whose foreign parent has divested from it, following Diageo’s sale of Guinness Nigeria in June to Singaporean group Tolaram.

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