Swiss cement giant Holcim has announced its withdrawal from the Nigerian market through the sale of its 84% stake in Lafarge Africa to China’s Huaxin Cement. The deal, valued at $1 billion for full ownership, was disclosed in a statement on Sunday.
Holcim explained the move aligns with its strategy to streamline operations and concentrate on high-growth markets. The company highlighted plans for a North American spin-off, targeting a U.S. stock listing in the first half of 2025.
The sale, expected to finalize in 2025 pending regulatory approval, follows Holcim’s recent divestments in Uganda and Tanzania, part of its shift toward sustainable growth and higher-margin products.
Huaxin Cement, a major Chinese player, has been expanding its footprint in Africa, recently acquiring South Africa’s Natal Portland Cement Company.
Holcim, meanwhile, continues to invest in innovative solutions, including low-carbon technologies through its partnership with U.S.-based Sublime Systems. The firm’s latest quarterly results revealed a recurring operating profit of 1.67 billion Swiss francs ($1.90 billion), slightly surpassing expectations.
