Tong Yang sells waste heat recovery plant, South Korea

South Korea-based cement producer Tong Yang Cement Corporation has sold a waste heat recovery plant to Samcheok Energy, a company invested by a private equity fund run by Macquarie Korea Opportunities Management, Ltd. The acquisition was made for a consideration of KRW40,000m.

Tong Yang Cement is one of South Korea's largest cement producer by capacity. Its major plant at Samcheock has seven NSP precalciner kilns and five mills, capable of around 10Mta cement, with another 10 per cent available at satellite grinding plants. The company has also been selling off other assets in recent times including its bulk cement carriers as well as disposals of its ready-mix concrete units, possibly indicating how serious its liquidity situation has become.