Holcim (HCMLY, Financial) (-19%, -0.93%), the global cement and aggregates company, detracted despite strong first half results, as discussed above.
At Holcim, old headlines about (now closed) operations in certain Middle Eastern countries rose up again. The fact is that this problem is much more behind the company than in front of it, given the issues arose under former management, none of whom are still in place today. Holcim is now in the capable hands of CEO Jan Jenisch, who bought shares personally, alongside other executives at Holcim, after the stock dropped due to these headlines. The company also announced yet another divestiture at a solid price when Holcim exited its non-core position in Brazil. Management will continue to focus on the markets where Holcim is strongest (sustainable products in Americas, Europe and India), while tilting its business mix away from less sustainable emerging market cement.
From Mason Hawkins (Trades, Portfolio)' Longleaf Partners Fund third-quarter 2021 commentary.
