Europe / Middle East / Africa
Lafarge aims to cut debt through divestitures
Jul, 06 2012
(France) -- Lafarge SA Chief Executive Bruno Lafont's priority is to cut the company's debt to below 10 billion euros ($12.5 billion) as early as 2013, French newspaper La Tribune cites him as saying in an interview Friday.
At the end of March, the company's debt totaled EUR12.36 billion.
Mr. Lafont said the reduction will be done notably by EUR1 billion in divestitures in 2012, the paper reports.
The British Competition Commission has required the sale of a significant number of assets to approve a construction materials joint venture with Anglo American PLC (>> Anglo American plc). "We are also working on other possible divestitures around the world," the paper cites Mr. Lafont as saying, but he didn't provide details.
When asked about growth forecasts, Mr. Lafont said he expects a 1% to 4% growth of its cement market for 2012 and a 4.6% a year growth of the world market for cement until 2015, according to La Tribune.
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