Swiss firm Holcim sells operations in Philippines to Chinese company

The building materials giant Holcim has formalised an agreement with the Chinese company Huaxin Building Materials for the sale of its operations in the Philippines. The entire transaction was valued at a total of $807 million dollars (CHF654 million). According to a statement issued yesterday by the Zug-based group, the first phase of the divestment involves the immediate transfer of a 68% stake for a consideration of $527 million. This initial tranche forms the core of the agreement between…