Cementos Yura, part of Peru’s Grupo Gloria, has acquired a 63.5 per cent share in state-owned Unión Cementera Nacional of Ecuador, which will hold the balance of shares.

The $230m investment will be disbursed to the Ecuadorian cement producers via a trust over the next 40 months, during which the construction will take place of a new 2400tpd clinker production line in Riobamba.

"We will participate in this company with this contribution and are very optimistic that this will benefit the country and the company with the production of clinker to avoid the import of this material," said Victor Rodriguez, Cementos Yura. At present, Ecuador imports more than 1Mta of clinker and it is expected that the new clinker line will enable the country to save US$75m.

In addition, the investment will also enable the expand and improve the equipment currently installed at Chimborazo and Guapán.