Economy & Market
Lafarge to sell North American gypsum business
Lafarge, the largest cement manufacturer in the world, will be selling its North American gypsum business to US private equity firm Lone Star. The deal, worth $700 million, will help Lafarge cut down debts accrued to buy Middle Eastern cement-maker Orascom in 2007 and refocus its efforts on its cement and concrete business. Lafarge plans to lower its debt to below 10 billion euros in the second half of 2013. The company has managed gather 900 million euros ($1.2 billion) by way of divestments last year. In 2011, the group had sold its European and South American gypsum divisions along with its Australian and Asian gypsum operations. This year in January, Lafarge had sold six US quarries worth $160 million.