LafargeHolcim Plans Asset Sales
November 27 2015 - 03:03AM
Dow Jones News
(FROM THE WALL STREET JOURNAL 11/27/15)
By John Revill
LafargeHolcim Ltd. plans to raise 3.5 billion Swiss francs ($3.4
billion) next year from selling off cement assets around the world
as the recently merged Franco-Swiss building-materials group
adjusts to tough conditions in important markets such as China and
India.
The company announced the portfolio review after missing
third-quarter sales and earnings expectations as the stronger Swiss
franc and lower prices weighed on its first results since its
creation through the merger of France's Lafarge with Switzerland's
Holcim this year.
The company, based in Jona, Switzerland, has started discussions
with interested parties, including private-equity firms and
industry rivals about some of the assets, with the proceeds set to
be returned to shareholders through dividends or share buybacks,
Chief Executive Eric Olsen said, as well as being used to support
the company's balance sheet by paying down debt.
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(END) Dow Jones Newswires
November 27, 2015 02:48 ET (07:48 GMT)
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