February 1, 2019 / 6:36 AM / 3 months ago

LafargeHolcim completes sale of $1.75 billion Indonesian unit

The logo of LafargeHolcim, the world's largest cement maker, is seen at its headquarters in Zurich, Switzerland March 2, 2017. REUTERS/Arnd Wiegmann

ZURICH (Reuters) - LafargeHolcim has completed the sale of its Indonesia business in a deal which valued the unit at $1.75 billion, the cement maker said on Friday.

Proceeds from the sale to Semen Indonesia will be used to pay down LafargeHolcim’s debts, the company said. LafargeHolcim held 80.6 percent in the business, giving it $1.41 billion from the sale.

LafargeHolcim said last year it wanted to raise around 2 billion Swiss francs ($2.01 billion) from selling assets and could leave two or three countries to concentrate on the United States, Latin America, India and Africa.

Reporting by John Revill; editing by Thomas Seythal

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