Disposal
December 10 2003 - 3:53AM
UK Regulatory
RNS Number:0782T
Lafarge
10 December 2003
Lafarge announced the sale by Lafarge Halla Cement of its minority
stake in Tong Yang Cement in South Korea
Lafarge Halla Cement, the 39.9%-owned Korean cement subsidiary of Lafarge, has
just sold its minority equity interest in the joint venture "Tong Yang Cement
Co, Ltd.", in favorable conditions, to Tong Yang Major Corporation. The
transaction price amounted to USD138 million.
Tong Yang Cement Co, Ltd. is a joint venture formed in November 2001 between
Tong Yang Major Corporation, a Korean conglomerate, and Lafarge Halla Cement
which owned 25% of share capital for an initial investment of USD100 million.
Tong Yang Major Corporation owned the remaining 75% of share capital.
"South Korea is an attractive market for the Group, which, thanks to its stake
in Lafarge Halla Cement, holds a strong position and has a solid base for future
growth in cement. We are prepared to reinforce our presence on this market, in
so far as our profitability criteria are met" said Lafarge CEO Bernard Kasriel.
Lafarge is the world leader in building materials, and employs 77,000 people in
75 countries. The Group holds top-ranking positions in all four of its
Divisions: Cement, Aggregates & Concrete, Roofing and Gypsum. Lafarge posted
sales of Euro14.6 billion in 2002. More information is available on:
www.lafarge.com
PRESS CONTACTS: INVESTOR RELATIONS:
Veronique Doux: (+33) 1 44 34 19 47 James Palmer: (+33) 1 44 34 11 26
veronique.doux@lafarge.com james.palmer@lafarge.com
Brunswick Daniele Daouphars: (+33) 1 44 34 11 51
Stephanie Tessier (+33) 1 53 96 83 79 daniele.daouphars@lafarge.com
stessier@brunswickgroup.com
Statements made in this press release that are not historical facts are forward-
looking statements made pursuant to the safe harbor provisions of the Private
Securities Litigation Reform Act of 1995. These statements are not Guarantees of
future performance and involve risks, uncertainties and assumptions ("Factors"),
which are difficult to predict. Some of the Factors that could cause actual
results to differ materially from those expressed in the forward-looking
statements include, but are not limited to: the cyclical nature of the Company's
business; national and regional economic conditions in the countries in which
the Group does business; currency fluctuations; seasonal nature of the Company's
operations; levels of construction spending in major markets; supply/demand
structure of the industry; competition from new or existing competitors;
unfavorable weather conditions during peak construction periods; changes in and
implementation of environmental and other Governmental regulations; our ability
to successfully identify, complete and efficiently Integrate acquisitions; our
ability to successfully penetrate new markets; and other Factors disclosed in
the Company's public filings with the French Commission des Operations de Bourse
and the US Securities and Exchange Commission including its Reference Document
COB number D03-0375 as updated on June 5, 2003 and annual report on Form 20-F.
In general, the Company is Subject to the risks and uncertainties of the
construction industry and of doing business throughout the world. The forward-
looking statements are made as of this date and the Company undertakes no
obligation to update them, whether as a result of new information, future events
or otherwise.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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