FRANKFURT -- The world's largest cement manufacturer, LafargeHolcim, will sell its Vietnamese subsidiary to a Thai rival, exiting the market amid excess supply.
In a deal that values the unit at 867 million Swiss francs ($890 million), the cement giant will sell its entire 65% stake in LafargeHolcim Vietnam to Siam City Cement Public Co., the second largest cement company in Thailand. The transaction is expected to be completed during the October-December quarter.
