An affiliate of Lafarge Africa has completed a 100% acquisition of Nigeria’s third-largest cement manufacturer United Cement Company of Nigeria (UNICEM), the local unit of the French cement maker said on Monday.
Lafarge did not disclose the purchase price. It said its affiliate Nigerian Cement Holdings (NCH), owned a 70% equity in UNICEM before agreeing a deal last November to buy the remaining 30% stake from Flour Mills.
UNICEM cement plant, which is located in Cross Rivers, southeast Nigeria, with a production capacity of 2.5 million tonnes was undergoing an expansion to 5 million tonnes to be completed next year, it said in a filing with Nigeria’s bourse.
