Lafarge announced today the sale of its 50% stake in Lafarge Titan in Egypt to its joint venture partner Titan, for 330 million euros (including debt of around 20 million euros).
Lafarge Titan Egypt was created in 1999 as a 50/50 joint venture between Lafarge and the Greek group Titan, and owns two cement plants in Egypt - in Alexandria and Beni Suef - with a total capacity of 3.1 million tonnes.
Following this transaction, Lafarge remains a leading player in the fast-growing Egyptian building materials sector. Since the acquisition of Orascom Cement, Lafarge is present in Egypt through the control of Egyptian Cement Company, which has a plant with a capacity of 10 million tons. Lafarge also operates 11 readymix concrete plants and 3 aggregates quarries in the country.
Notes to editors
Lafarge in Egypt
Lafarge entered the Egyptian market in 1999, with the acquisition of a majority stake in Beni Suef Cement Company via the Lafarge Titan joint venture. Lafarge Titan acquired Alexandria Portland Cement in 2002. Lafarge acquired Egyptian Cement Company from Orascom Cement in January 2008, plus a number of readymix concrete plants and aggregates quarries. Following the divestment of its 50% stake in Lafarge Titan, the Group will have a total of 10 million tonnes of cement capacity in Egypt.
Lafarge is the world leader in building materials, with top-ranking positions in all of its businesses: Cement, Aggregates & Concrete and Gypsum. With 90,000 employees in 76 countries, Lafarge posted sales of Euros 17.6 billion and net income of Euros 1.9 billion in 2007.
Lafarge is the only company in the construction materials sector to be listed in the 2008 ‘100 Global Most Sustainable Corporations in the World'. Lafarge has been committed to sustainable development for many years, pursuing a strategy that combines industrial know-how with performance, value creation, respect for employees and local cultures, environmental protection and the conservation of natural resources and energy. To make advances in building materials, Lafarge places the customer at the heart of its concerns. It offers the construction industry and the general public innovative solutions bringing greater safety, comfort and quality to their everyday surroundings.