Holcim no longer for sale
Iris Gonzales (The Philippine Star) - July 23, 2020 - 12:00am

MANILA, Philippines — Holcim Philippines Inc. is no longer for sale after San Miguel Corp.’s $2.15 billion bid to acquire the listed cement company collapsed amid stumbling blocks it faced with the Philippine Competition Commission (PCC).

During the company’s annual stockholders meeting yesterday, Holcim Philippines said the company is no longer in the sale process and will instead just focus on growing operations in the Philippines.

Last year, SMC – through First Stronghold Cement Industries Inc. (FSCII) – made an offer to acquire 85.73 percent of the total outstanding and issued capital stock of Holcim Philippines from companies controlled by LafargeHolcim Ltd.

But SMC decided to throw in the towel after it was not able to obtain the green light from PCC.

Holcim Philippines, nevertheless, is optimistic it can overcome the coronavirus disease 2019 or COVID-19 pandemic.

Along with a strong financial performance in 2019, the company also completed capacity expansion projects and efficiency improvements to industrial and logistics operations that strengthen the sustainability of the business moving forward, said Holcim Philippines chairman Tomas Alcantara.

“We grew operating EBITDA year-on-year by 36.7 percent to P6.7 billion on higher efficiencies and improved costs across all areas of the business. These helped us grow our 2019 net income by 41 percent to P3.6 billion. This was the result of continuing improvement initiatives that make our performance sustainable and our company more resilient and adaptable to market developments,” Alcantara said.

He said the company is committed to make sure Holcim Philippines continues to be an even stronger partner for the country’s progress.

Holcim Philippines president and chief executive officer John Stull said the company is fully ready to face the challenges

More importantly, he said the company is committed to continue being a

partner in the country’s progress with support from the LafargeHolcim Group.

“Being a member of one of the world’s leading building materials providers is a source of strength during these times. The group has been supporting partners all over the world to recover better, with sustainability at the core of its efforts. Together with our partners, we too are determined to help move the country forward,” Stull said.

Holcim Philippines has cement manufacturing facilities in La Union, Bulacan, Batangas, Misamis Oriental and Davao, as well as aggregates and dry mix

business and technical support facilities for building solutions.

PCC
Philstar
  • Latest
  • Trending
Latest
Are you sure you want to log out?
X
Login

Philstar.com is one of the most vibrant, opinionated, discerning communities of readers on cyberspace. With your meaningful insights, help shape the stories that can shape the country. Sign up now!

FORGOT PASSWORD?
SIGN IN
or sign in with