Eric Olsen, LafargeHolcim Chief Executive (LafargeHolcim)
LafargeHolcim will sell its Sri Lankan arm, Holcim Lanka, to Thailand’s Siam City Cement for $400m.
Holcim Lanka operates one integrated plant and one grinding plant and is Sri Lanka’s largest cement maker.
The proceeds from the sale of the divestment business will be used to further reduce LafargeHolcim’s debt.
The company has reached three quarters of its $3.5bn divestment target for 2016.
The transaction is expected to be closed in the third quarter of this year.
Earlier this month, Lafarge India was sold to Indian firm Nirma.
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