Lafarge, Holcim to merge, announce new CEO

From AFP

The boards of France’s Lafarge and Switzerland’s Holcim have approved Eric Olsen for the role of chief executive officer once the firms merge, creating the world’s biggest cement company, they announced on Thursday.

Concrete mixing trucks are seen at Lafarge concrete production plant in Pantin
Concrete mixing trucks are seen at Lafarge concrete production plant.

The 51-year-old French and American national is currently executive vice president for operations at Lafarge, said a Holcim statement.

Last year the two companies announced plans to create a cement titan employing more than 130,000 people, which would generate annual sales of 32 billion euros ($34 billion) and underlying profits of 6.5 billion euros — a major event in the global construction industry.

The merger still must be approved by two-thirds of shareholders at each of the two companies at special general assemblies.

In March the two companies renegotiated the exchange ratio for the merger — nine Holcim shares for 10 Lafarge shares — after the sharp rise in the Swiss franc drove up Holcim’s value.

© 1994-2015 Agence France-Presse

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