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Lafarge selects bids for plaster division
Written by Global Gypsum staff
01 June 2011
France: Lafarge has chosen a handful of bids, including those of investment funds Cinven and Bain Capital, for its plaster unit Lafarge Gypsum, from at least 10 different offers. Belgian building material group Etex is also reportedly still in the race, while Advent, Carlyle and TPG have been ruled out.
Other offers were reportedly made by Kohlberg Kravis Roberts & Co. Eagle Materials Inc., USG Corp and Saudi Arabia's National Gypsum Company. The bids are around Euro900m on average.
Lafarge Gypsum's operating profit jumped 80% on the year in the first quarter to Euro18m, while its sales rose by 9% to Euro375m. The US activity, however, struggled with a loss in 2010. It is not known whether or not the assets will be split up geographically, as had previously been suggested.
