LafargeHolcim CEO Plans Asset Sales of $3.6 Billion In 2016
November 25 2015 - 1:50AM
Dow Jones News
By John Revill
ZURICH - LafargeHolcim Ltd (LHN.VX) wants to raise 3.5 billion
Swiss francs ($3.6 billion) in 2016 from selling off cement assets
around the world, Chief Executive Eric Olsen said Wednesday.
The Jona-Switzerland-based building materials giant has already
begun discussions with interested parties, including private equity
and other companies in the sector about some of the assets, Mr.
Olsen said.
He declined to reveal where or what would be sold, but said
considerations included the long-term potential of the local market
as well as LafargeHolcim's position in each country.
"We have a position of number 1, 2 or 3 in 70% of our markets,"
said Mr. Olsen. "Where we don't have that position we are looking
at divesting or swapping assets," he told reporters on a conference
call.
Money raised from the sales would be used to pay down debt, as
well as returning cash to shareholders through increased dividends
and share buybacks, Mr. Olsen said.
Write to John Revill at john.revill@wsj.com
Subscribe to WSJ: http://online.wsj.com?mod=djnwires
(END) Dow Jones Newswires
November 25, 2015 02:35 ET (07:35 GMT)
Copyright (c) 2015 Dow Jones & Company, Inc.
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