Lafarge and Holcim detail US asset disposals ahead of merger

Lafarge and Holcim have outlined details of asset disposals in the US as part of their planned merger that is due to close in July.

Lafarge said in a joint statement that it will sell its Davenport cement plant in Iowa and seven terminals along the Mississippi River to Summit Materials for $450m (£300m, €416m) in cash "plus Summit's Bettendorf, Iowa cement terminal".

Holcim said it will dispose of three terminals in Michigan and Illinois, as well as slag grinding stations in Illinois and New Jersey, "along with a terminal in Massachusetts".

The statement added: "These proposed divestments have been negotiated with the staff of the Federal Trade Commission, and remain subject to review and approval by the Commission.

"The divestments will be completed subject to acceptance by the Commission and to the closing of the merger between Holcim and Lafarge.

"They will be carried out in the framework of the relevant social processes and ongoing dialogue with the employee representatives' bodies."

In February, Lafarge and Holcim agreed to sell some of their assets to Irish building supplies group CRH ahead of their planned merger.

Last August, the cement firms announced their intention to divest three integrated cement plants, two grinding stations and a ready-mix plant located in southeastern Brazil.