HeidelbergCement is to sell its brick and roof-tile business to private equity firm Lone Star Funds for €1.17 billion (US$1.4 billion), as it looks to cut debt and return its focus to products such as cement and aggregates.
The sale of Hanson Building Products includes North American assets outside of western Canada as well as operations in the UK, the Heidelberg, Germany-based cement maker said in a statement. The price includes a payment of as much as €84 million ($100 million) from Lone Star that’s de
January 6, 2015
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674 HeidelbergCement is to sell its brick and roof-tile business to private equity firm Lone Star Funds for €1.17 billion (US$1.4 billion), as it looks to cut debt and return its focus to products such as cement and aggregates.
The sale of 1343 Hanson Building Products includes North American assets outside of western Canada as well as operations in the UK, the Heidelberg, Germany-based cement maker said in a statement. The price includes a payment of as much as €84 million ($100 million) from Lone Star that’s dependent on the performance of the business in 2015.
The sale of the unit has been timed to take advantage of a recent recovery in UK construction markets, making building materials more attractive to private equity buyers. Lone Star has targeted unwanted building-products businesses, buying a gypsum-wallboard maker from French building materials giant 725 Lafarge last year.
