FLSmidth has completed the sale of its Cement business to an affiliate of the global private equity firm Pacific Avenue Capital Partners (PACP). As first disclosed on 21 October 2025, the sale will be worth an initial sum of €75 million (DKK 550mn).
In early 2023, Copenhagen, Denmark-headquartered FLSmidth embarked on a strategic journey with the announcement of new pure-play strategies for its Mining and Cement businesses. Since then, the company has simplified and rightsized both businesses to further strengthen their respective market positions, with a strategic focus on the core technologies and services required in the mining and cement industries. This is said to have resulted in a significantly improved and more stable commercial and financial performance for both businesses.
On 29 January 2024, FLSmidth announced its intention to explore available sale options for its Cement business, with the objectives of enabling the Cement business to maximise its full potential and further strengthening our Mining business’s market-leading position as a full flowsheet technology and service provider to the global mining industry.
An FLSmidth statement released on Friday, 31 October 2025, said: “With reference to the announcement made on 21 October 2025, FLSmidth today announces that it has now closed the sale of the Cement business to an affiliate of the global private equity firm Pacific Avenue Capital Partners. The transaction does not change FFLSmidth’s previously announced financial guidance for the full year 2025.”
As a result of the closing of the sale of the Cement business to Pacific Avenue Capital Partners, Leif Gundtoft, who is employed in the Cement business, will be stepping down from his role as employee-elected board member in FLSmidth & Co. A/S (FLSmidth).
The first alternate, Saleh Mahmoud Ahmed Kamal Abdelhamid Elghamrawy (Saleh Kamal), People Experience & Labour Relations Lead, replaces Leif Gundtoft on the Board of Directors effective as of today, 31 October 2025, and for the remainder of the ordinary term of the current employee-elected board members, which runs until 2029.
“On behalf of the Board, I would like to thank Leif for his valuable contribution since joining the Board in 2021. His insight and commitment have been greatly appreciated. We also welcome Saleh Kamal and look forward to benefiting from his experience and perspective as we continue to develop FLSmidth,” says Mads Nipper, Chair of the Board of Directors at FLSmidth.
Going forward, the Board of Directors of FLSmidth will comprise the following members:
- Mads Nipper, Chair
- Christian Bruch, Vice Chair
- Anne Louise Eberhard
- Thrasyvoulos Moraitis
- Anna Kristiina Hyvönen
- Lars Engström
- Rune Wichmann
- Nour Amrani, employee-elected member
- Henrik Stender Christensen, employee-elected member
- Saleh Kamal, employee-elected member
