Peruvian cement producers Cementos Lima and Cemento Andino are to merge into a single company, the company’s said in a joint statement.
Shareholders from both producers on Tuesday approved plans for the merger which will create a new company under the name of Union Andina de Cementos SAA on 1 October, the statement to Peru’s securities regulator said.
The companies said the merger will reduce costs while also improving liquidity, profits and financial strength. "The main objective of the merger is to take advantage of synergies and improved operations," the statement said.
