Swiss cement giant Holcim Ltd. has offered to buy out minority shareholders in Holcim Apasco S.A. de C.V., Mexico's second largest cement (six mills, 10 million tpy) and ready mixed (80 plants, 3.5 million yd. annual output) producer behind Cemex S.A. Prior to a buyout offer effected in January, Holcim Ltd. held a 68.9 percent stake in Apasco which, beyond Mexican operations, has interests in other Central American cement businesses. The remaining 31.1 percent stake in the company was estimated to require a $750 million investment, funded by an equity issue. The buyout offer was scheduled to close March 14 and commenced after Holcim received approval from Mexican Stock Exchange authorities on Feb. 13.

Holcim officials note that full ownership of Apasco, a business that has been part of the company's portfolio since the late 1960s, will permit full utilization of the regional and financial network potential as well as tie the Mexican business more strongly into their group. It is Holcim's second such measure in North America. In 1994, Holderbank consolidated its stake in Holnam Inc., then based in Dundee, Mich., and traded on the NYSE. The parent company effected the Holcim Ltd. and Holcim (US) Inc. name changes in 2001 and recently relocated the headquarters of the latter unit to Waltham, Mass. Holcim Ltd.'s remaining North American business is Montreal-based St. Lawrence Cement, a 68 percent stake in which is held through Holcim (US).