Lafarge sells Ecuador cement operations for $553 million

May 27, 2014

Lafarge CanadaLafarge announced on Tuesday that it is selling its cement operations in Ecuador for $553 million to Union Andina de Cementos S.A.A. (UNACEM).

The sale includes a 1.4 million-ton capacity cement plant in Otavalo, Ecuador, and is expected to help the company reduce net debt below 9 billion euros ($12.26 billion) in 2014.

The announcement follows news that the company plans to merge with Holcim to create LafargeHolcim — a deal that is slated to close in the first half of 2015.

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