Highlights

  • Saint-Gobain signs a joint venture to acquire Indocement’s mortars operations in Indonesia.
  • The business includes three production lines with estimated 2025 sales of about EUR 20 million.
  • The transaction aligns with the group’s construction chemicals focus under the “Lead & Grow” plan.

Saint-Gobain (LSE:SGOB) entered into a joint venture with a subsidiary of Indocement Tunggal Prakarsa, an Indonesian cement producer listed on the local stock exchange and majority-owned by Heidelberg Materials. Under the agreement, the JV will acquire Indocement’s mortars business in Indonesia. Saint-Gobain will hold a 60% stake in the new entity, while Indocement Tunggal Prakarsa will retain the remaining 40%.

The arrangement brings together Saint-Gobain’s existing construction chemicals operations and Indocement’s established position in the domestic cement market.

Details of the Acquired Business
Indocement’s mortars business operates three production lines under the Tiga Roda brand. The business is well established in Indonesia and generated estimated sales of close to EUR 20 million in 2025. Tiga Roda is primarily active in white skim coat products used for finishing applications.

The product range and market positioning of Tiga Roda are complementary to Saint-Gobain’s existing mortars operations in the country, particularly across product categories and geographic coverage.

Saint-Gobain’s Existing Presence in Indonesia
Saint-Gobain has operated in Indonesia since 1995. The group currently runs 14 production lines in the country and employs around 1,300 people. Its mortars activities are conducted through Cipta Mortar Utama (CMU), which operates eight production lines nationwide.

CMU distributes its products through a network of close to 30,000 points of sale and offers a broad portfolio of mortars. Saint-Gobain also has other construction chemicals activities in Indonesia through its GCP and FOSROC brands, which cover areas such as concrete admixtures, cement additives, resin flooring, and technical mortars.

Strategic Context
The newly formed JV is intended to combine the operational capabilities of CMU with Indocement’s market reach as a major cement producer in Indonesia. The transaction reflects Saint-Gobain’s stated strategy to further shape its business profile under the

The acquisition also fits within the group’s broader objective of expanding its worldwide footprint in construction chemicals, with Indonesia identified as a key market due to its construction activity and scale.

Share Price Snapshot
SGOB was trading at EUR 87.86 per share as of 05 January 2026