Lafarge has come into agreement with Flour Mills of Nigeria to take up 30% stake in United Cement Company, a cement manufacturer in the same country. This move will mean that the company takes full control of the cement maker.
According to the agreement reached between the two, Lafarge will take up control of 15% of stake in the first quarter of 2015. The remaining percentage will be taken up in February 2016. This is according to Lafarge.
United Cement is the third largest cement manufacturing company in Nigeria. Lafarge is also present in a number of other countries in Africa, including South Africa. It has operations in 10 countries in the sub-Sahara Africa region. Lafarge has its basis in France and runs manufacturing units in 62 countries across the globe.
Lafarge was, earlier on this year, planning to merge South Africa business with Nigerian unit Lafarge Wapco; and has been eying doubling production in Zambia.
