Lafarge says open to sell non-core assets-paper

Lafarge says open to sell non-core assets-paper
Published: 14 September 2010

Lafarge, which is seeking to cut debt, is open to selling non-strategic businesses, the head of the world’s largest cement maker told La Tribune newspaper in an interview published on Tuesday.

When asked at what stage Lafarge was in selling its gypsum division, which last year accounted for eight per cent of EUR15.9bn (US$20.46bn) sales, Bruno Lafont replied: "What I’ve said and what I confirm is that no disinvestment is taboo provided they are non-strategic assets of the group. In that framework, all geographic zones and all activities could be considered."

Credit rating agencies Moody’s and Fitch put their outlook for Lafarge on negative as Lafarge cut its 2010 estimate for global cement demand, making it more challenging to cut its debt burden which mounted when it bought Orascom Cement in 2007.