LafargeHolcim announces lapse of Philippines transaction
In May 2019 LafargeHolcim signed an agreement with San Miguel Corporation for the sale of its entire 85.7 percent shareholding in Holcim Philippines Inc. subject to customary and regulatory approvals, including those required by the Philippines Competition Authority (PCC).
The PCC did not issue an approval of the transaction within the required time period and consequently the agreement lapsed.
With today’s unprecedented COVID-19 crisis, Holcim Philippines’ number one priority is to protect the health of its people while supporting its partners and communities, in full alignment with local authorities. The Group is very proud of its people’s swift response to this new reality, for example their extraordinary participation in providing food, water and other essential products for their communities as well as medical protective equipment for government frontline staff.
With construction playing an essential role to keep society running, Holcim Philippines has resumed operations in three out of its four integrated cement plants and is well-positioned for a quick and efficient recovery. Working closely with its customers, the Group looks forward to supporting the country’s strong and sustainable growth coming out of the crisis.
As the number one building materials company in the country, Holcim Philippines operates a unique network of production and distribution assets from Luzon to Mindanao, close to the urban centers where building materials are most needed. LafargeHolcim will continue to focus on strengthening its leadership in the Philippines, one of the most high-growth countries in the Asia-Pacific region, building on its brand, its valued customer base and loyal employees.
About LafargeHolcim
LafargeHolcim is the global leader in building materials and solutions and active in four business segments: Cement, Aggregates, Ready-Mix Concrete and Solutions & Products. Its ambition is to lead the industry in reducing carbon emissions and shifting towards low-carbon construction. With the strongest R&D organization in the industry, the company seeks to constantly introduce and promote high-quality and sustainable building materials and solutions to its customers worldwide - whether individual homebuilders or developers of major infrastructure projects. LafargeHolcim employs over 70,000 employees in over 70 countries and has a portfolio that is equally balanced between developing and mature markets.
Important disclaimer - forward-looking statements:
This document contains forward-looking statements. Such forward-looking statements do not constitute forecasts regarding results or any other performance indicator, but rather trends or targets, as the case may be, including with respect to plans, initiatives, events, products, solutions and services, their development and potential. Although LafargeHolcim believes that the expectations reflected in such forward-looking statements are based on reasonable assumptions as at the time of publishing this document, investors are cautioned that these statements are not guarantees of future performance. Actual results may differ materially from the forward-looking statements as a result of a number of risks and uncertainties, many of which are difficult to predict and generally beyond the control of LafargeHolcim, including but not limited to the risks described in the LafargeHolcim's annual report available on its website (www.lafargeholcim.com) and uncertainties related to the market conditions and the implementation of our plans. Accordingly, we caution you against relying on forward-looking statements. LafargeHolcim does not undertake to provide updates of these forward-looking statements.
