Published by Global Banking and Finance Review
Posted on December 16, 2025
By John Revill
ZURICH, Dec 16 (Reuters) - Holcim has agreed to pay $550 million for a majority stake in Peruvian building materials maker Cementos Pacasmayo, it said on Tuesday, the Swiss company's biggest ever acquisition in Latin America.
Holcim is taking a 50.01% holding in Cementos Pacasmayo in the deal that values the Peruvian company at $1.5 billion including debt, or $1.1 billion equity value.
Under Peruvian takeover law, Holcim will have to make an offer for more of the company and is expected to increase its stake, the Swiss firm said.
Cementos Pacasmayo has expected sales of $630 million for 2025 with an earnings before interest, tax, depreciation and amortisation margin of 28%.
The deal is Holcim's 15th acquisition of 2025, as the company looks to focus more on South America and Europe after spinning off its North American business into a separate company called Amrize.
Holcim CEO Miljan Gutovic said the acquisition was in line with his company's strategy to grow in Latin America.
PERU'S CONSTRUCTION INDUSTRY EXPECTED TO GROW
Peru's construction industry is expected to grow by an average 3.6% per year over the next three years, according to research company GlobalData, supported by government spending on schools, roads and renewable energy.
The country also has a housing shortage and a need to invest in infrastructure.
As well as three cement plants, Cementos Pacasmayo has 28 ready-mix and precast concrete plants, and around 300 retail outlets in Peru.
Holcim entered the Peruvian market last year and has bought three other construction companies in the country.
Bank Vontobel analyst Mark Diethelm said the acquisition was another significant milestone in Holcim's Latin America expansion, boosting the company's exposure to structural growth and high margins.
"We view the deal as strategically and financially accretive, strengthening mid-term earnings visibility," he said.
(Reporting by John Revill; Editing by Dave Graham and Jan Harvey)
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