French cement maker Lafarge SA (LG.FR) Wednesday said it has agreed to sell its 50% stake in an Asian joint venture to its Australian partner Boral Ltd. (BLD.AU) for EUR429 million.

The joint-venture company Lafarge Boral Gypsum Asia, or LBGA--a 50/50 unit formed in 2000 between Lafarge and Boral--is a supplier of plasterboard and other gypsum-related products, Lafarge said. In 2010, LBGA reported EUR181 million in sales.

Boral earlier Wednesday announced it had swung to a net profit of A$168 million in the year ended June 30.

The deal is expected to be completed before the end of the year, Lafarge said.

Last month, Lafarge announced the sale of a controlling stake in its gypsum business in Europe and Latin America to Belgium's Etex Group for about EUR850 million in cash and sold its Australian gypsum operations for EUR120 million. The company also sold assets in the U.S. in May for $760 million.

The heavily indebted Lafarge has said it plans to reduce its total debt by EUR2 billion this year.

-By Inti Landauro, Dow Jones Newswires; +33 1 4017 1740; inti.landauro@dowjones.com

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