Lafarge Sells Remaining Percent of European, South American Gypsum Operations
French powerhouse manufacturer Lafarge said it would sell its remaining 20 percent stake in its former European and South American gypsum operations to Belgian building materials group Etex for 145 million Euros ($198 million) in cash, reported Reuters.
The transaction is expected to be completed in the coming weeks, the company said in a statement. Lafarge had sold 80 percent of the business to Etex in 2011 but retained a minority holding.
Lafarge has been shedding non-core assets and refocusing on cement and concrete after the debt it racked up to buy Middle Eastern cement maker Orascom led to the loss of its investment grade rating in 2011.
Lafarge agreed to sell its North American gypsum business earlier this year to U.S. private equity firm Lone Star for $700 million. The company has been renamed Continental Building Products.