Swiss cement-maker Holcim has agreed to acquire German building materials, walling, and insulation specialist Xella in a deal valued at €1.85bn.
Xella employs around 4,000 people, including 200 sales staff, and operates 50 production facilities across 21 European countries, with its headquarters in Duisburg and an R&D centre in Berlin.
The company is projected to reach €1bn in net sales in 2025 and currently offers four core building block products as well as two digital construction platforms.
The €1.85bn valuation represents an 8.9x pro forma 2026 EBITDA multiple.
Holcim said the acquisition strengthens its position in Europe’s sustainable building market, which is expected to grow to €250bn annually, driven by the need for repairs and refurbishment. The European walling market is also expanding in line with housing demand.
“This strategic acquisition is a milestone in our vision to be the leading partner for sustainable construction, accelerating Holcim’s high-value building solutions in line with our NextGen Growth 2030 strategy,” said Holcim chief executive Miljan Gutovic.
“Xella will add to our customer offering in the highly attractive €12bn walling market, with cross-selling and systems-selling opportunities.”
The transaction remains subject to regulatory approval and is expected to close in the second half of 2026.
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