French building materials producer, Lafarge, will sell its gypsum business for about €1 billion, Financial Times reports. The cement group may have to break up the division for the sale, which trades in 70 countries and employs 8,000 staff.
The gypsum assets in Europe alone may fetch about €900 million. The company has already received interest from private equity groups, including Kohlberg Kravis & Roberts and Advent International. Lafarge is seeking to reduce its €16 billion debt burden through asset disposals.Click here for the story from Financial Times.