Cement Manufacturer, Holcim Exits Nigeria Due To Intense Local Competition, Sells off Lafarge For $1 Billion
Lafarge
Cement Maker, Holcim Exits Nigeria Due To Intense Local Competition, Sells off Lafarge For $1 Billion.
Holcim has signed an agreement with Huaxin Cement Ltd to sell its entire 83.81 percent shareholding in Lafarge Africa PLC, valued at $1 billion on a 100 percent basis
After approximately 65 years of operations in Nigeria, Swiss cement and building materials manufacturer Holcim announced its decision to exit the country. The company revealed in a brief statement that it will sell its nearly 84 percent stake in Lafarge Africa to China’s Huaxin Cement for a deal valued at $1 billion.
In recent years, Nigeria has developed significant local manufacturing capacity in the cement industry, primarily led by market leaders such as the Dangote Group and BUA Cement. As a result, Holcim’s decision reflects the growing competition in the local market.
The transaction is expected to close in 2025, pending regulatory approvals from Nigerian authorities, as stated by the global building materials company.
This agreement is in line with Holcim’s strategy to streamline its portfolio and focus on high-growth regions, including the anticipated spin-off of its North American business, which is likely to occur in the first half of 2025.
