Holcim Cements Its Latin American Strategy with USD 1.5bn Takeover of Peru’s Pacasmayo
In a strategic step to deepen its presence in Latin America, Swiss construction materials giant Holcim announced the acquisition of a majority stake in Cementos Pacasmayo, one of Peru’s top building materials companies, in a deal that values the business at USD 1.5bn.
Announced in mid-December 2025, the transaction marks a strategic milestone in Holcim’s NextGen Growth 2030 plan, which targets high-growth, high-margin markets. Latin America is currently Holcim’s most profitable region, and this acquisition strengthens its position with a powerful foothold in Peru’s fast-growing infrastructure and housing sectors. The deal is expected to close in the first half of 2026, subject to regulatory approvals.
Holcim is buying the stake from the Hochschild family, via their investment vehicle Inversiones Aspi S.A., long-time controlling shareholders of Pacasmayo, which is listed on both the Lima Stock Exchange and the New York Stock Exchange. Under Peruvian law, Holcim will be required to launch a mandatory tender offer for the remaining shares, opening the door for Holcim to further increase its ownership over time.
The numbers tell a compelling story: Holcim is paying roughly 8.8x projected 2025 EBITDA, dropping to 7.1x once USD 40mn in synergies kick in by year three. The acquisition is expected to be accretive to earnings and free cash flow in year one, and boost return on invested capital (ROIC) by year three.
Founded 67 years ago, Cementos Pacasmayo is a household name in Peru, with three cement plants (totaling 5 million tons of capacity), 28 ready-mix and precast plants, and a sprawling network of over 300 DINO retail stores. The company is forecasting USD 630 million in net sales and a healthy 28% EBITDA margin in 2025. Its retail operations dovetail neatly with Holcim’s own Disensa network, the largest building materials franchise in Latin Ameica.
The deal builds on Holcim’s 2024 entry into Peru through the acquisitions of Comacsa, Mixercon, and Compañía Minera Luren — creating a multi-layered platform spanning cement, ready-mix, industrial minerals, and walling solutions.
Holcim CEO Miljan Gutovic described the move as a chance to “continue Pacasmayo’s exceptional legacy” while accelerating growth with a complementary, cash-generative portfolio. With a trusted brand, deep local roots, and a sharp focus on innovation — including AI tools for customer engagement — Pacasmayo offers Holcim a springboard for long-term, profitable expansion in the region.
With this landmark deal, Holcim isn’t just buying a cement company — it’s solidifying its leadership across Latin America’s booming construction landscape.