LafargeHolcim has agreed to sell its 54.3% stake in Chilean cement firm Cemento Polpaico.

The deal will see LafargeHolcim – purported to be the world’s largest building materials producer – exiting the Chilean market completely.

Following a public tender offer, local investment firm Caburga Limitada agreed to buy the stake in Cemento Polpaico for a reported CHF 220 million (US$ 225 million).

The sale is a continuation of LafargeHolcim’s programme of divestment, which is anticipating a total of CHF 5 billion (US$ 5.1 billion) in asset sales by the end of 2017.

Cemento Polpaico operates one integrated plant and two grinding plants with an annual cement capacity of 2.3 million tonnes. The company also produces ready-mix concrete and controls 25 facilities.

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