Lafarge has sold its stake in an Egyptian JV to Titan
Lafarge to sell Egyptian JV
Lafarge is reported to have sold its 50% stake in an Egyptian cement business to its joint venture partner Titan for €330million.
Lafarge set up the JV with Greece-based Titan in 1999 and operated two cement plants with a production capacity of 3.1million tonnes per year. According to Titan, the business recorded sales of €127million and a EBITDA of €62million in 2007.
Titan said that the acquisition will help to strengthen its presence in “an important emerging market”.
Published 09/05/2008
