In a move directed towards concentrating on its core business and cut costs by $528 million by 2008, Lafarge SA, the world’s biggest maker of building material, has sold its roof tile unit to Paris-based private equity firm PAI Partners, for a consideration of $3.18 billion. PAI Partners will also inherit debt and pension liabilities worth $555 million. The French construction group will eventually buy back a 35% stake in the new roofing company for $284 million. By disposing off non-core assets the company plans to generate cash worth $1.98 billion over the next three years. Meanwhile Lafarge, which employs 80,000 people in 76 countries, posted sales of $21 billion in financial year 2005.
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Source : IIPM Editorial, 2006
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