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[August 2009]
Lafarge Sells Major Chilean Assets to Group in Peru
Lafarge has announced the sale of its Chilean cement, aggregates and concrete assets to the Peruvian Brescia Group for US$555 million enterprise value, equal to 7.4 times the 2008 EBITDA. Lafarge owns 84% of these assets. The transaction is part of Lafarge's global divestment plan.Lafarge has been present in the Chilean market with cement, concrete and aggregates activities since 2001 through two entities: Lafarge Chile SA and Immobiliaria San Patricio. The assets sold include the La Calera cement plant, which is located around 100km from the capital Santiago and has a capacity of 1.5 million tonnes, along with the Puerto Montt grinding station in southern Chile, which has a total capacity of 300,000 tonnes. A second grinding station is currently being built in Ventanas. Lafarge is also selling 54 ready-mix concrete units, 5 aggregates quarries, an import terminal and a mortar production unit.
Lafarge Chile SA and Immobiliaria San Patricio are listed on the Santiago stock exchange.
The sale of Lafarge's stake in both these entities will be effective on 31 August 2009 at the latest, following the launch of the public tender to buy out the minority interests by the buyer for Lafarge Chile SA.
Lafarge's minority participation in its Chilean gypsum activities is not included in this sale.
This transaction is part of Lafarge's announced 2009 €1 billion divestment programme. In addition to the divestment announced on 4 May, Lafarge has sold assets in its three business lines, including asphalt activities in Canada and the USA, aggregates and concrete operations in Europe and North America and its last Turkish cement plant.
The Group has already achieved three-quarters of its 2009 divestment target: €750 million out of the €1 billion target announced in February 2009.
www.lafarge.com
ENDS