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LafargeHolcim sells Philippines business in $2.15 billion deal

Christian Fernsby |
LafargeHolcim has agreed to sell its Philippines operations in a deal valuing them at $2.15 billion.

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The Swiss company said it was selling its entire 85.7 percent holding in its Philippines subsidiary to beer to infrastructure group San Miguel Corporation, with the money used to pay down debt.

The deal is the latest by LafargeHolcim which earlier this month said it was selling its operations in Malaysia and Singapore, and also recently sold its Indonesian business.

The sale of four cement plants and one grinding plant in the Philippines is expected to be completed during the fourth quarter of 2019, LafargeHolcim said.

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