Chilean cement company Cementos Bío Bío has acquired 100% of ready mix company Tecnomix in a CHP15.7bn (US$28.9m) deal.
With the sale, Tecnomix would become a subsidiary of Cementos Bío Bío and would use 200,000tpa of Bío Bío’s cement to make its products, the company said.
Tecnomix operates six plants throughout the country, in the towns and cities of Concón (Region V), Quilicura, Huechuraba, San Bernardo (Metropolitan region), Concepción (Region VIII), and Punta Arenas (Region XII). The company was previously owned by Japan’s Sumitomo (12.5%), a society comprised of Chilean entrepreneurs Gonzalo Valdés, Sergio Coddou and Andrés Navarro (29.18%) and Antumalal (29.18%), among others.
The Tecnomix purchase is expected to increase Cementos Bío Bío’s sales by 18%, the latter’s general manager Jorge Matus Campos was quoted as saying in La Tercera newspaper.
During the first half of 2005, Bío Bío reported a revenue increase of 31.5% to 147bn pesos from 112bn pesos in 1H04, thanks to solid results from Cisa ceramics company, which Cementos acquired in April 2004.
Cementos Bío Bío posted a consolidated net profit of 13.1bn pesos during 1H05, a 0.45% increase in relation to the same period last year.
