South Korea: Glenwood Private Equity, a South Korean investment company, is in talks to buy Lafarge Halla Cement for US$497m. The private equity fund is in talks to buy the cement company in cooperation with Eugene Group, the country's largest ready-mixed concrete manufacturer, and Sungshin Cement, another Korean cement maker, according to sources cited by the Maeil Business Newspaper.
If the sale completes it will make Sungshin Cement the country's largest cement producer. At present Lafarge Halla Cement is the fourth largest producer with 12.1% of the market. The current market leader, Ssangyong Cement Industry, holds 19.8% of the market. Sungshin Cement could also benefit from buying Lafarge Halla Cement due to the company's diverse locations.
Lafarge Halla Cement was acquired by Lafarge in 2000 and is wholly owned by LafargeHolcim. Lafarge Halla Cement recorded US$367m in sales and US$30m in operating income in 2014.
