Italian cement group Buzzi Unicem has acquired a 68 per cent stake in Orionidas, a fledgling Spanish import company, for around Euro 680,000. Orionidas had tried to set up a new grinding facility in the port of Alicante but because of difficulties in sourcing clinker (among other things) decided to approach Buzzi Unicem to affect a sale.
For its part, Buzzi Unicem, which is sparring with Cemex over various regional trading issues, the opportunity to gain access into the Spanish market in Alicante will prove a bonus, especially as it has got the site for a very small outlay. The company now plans to invest Euro28m in a new grinding facility in Spain, for which Orionidas had a 35-year concession.
