LafargeHolcim has agreed to sell its South Korean unit Lafarge Halla to Glenwood and Baring Private Equity Asia in a deal worth W560 billion $478.48 million, the latest private equity foray into the country’s cement industry.
The Swiss building materials company confirmed the divestment in its annual report, which was released on Thursday. LafargeHolcim said it expects to close the sale of Lafarge Halla, Korea’s fifth-largest cement producer, in the second quarter of 2016, subject to final approvals.
The sale follows several other ownership changes among Korean cement companies, which look set to herald a round of consolidation within the fragmented industry....
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