Cementir to acquire HeidelbergCement’s Belgian operations
Cementir has announced that it is to acquire HeidelbergCement’s Belgian assets for an enterprise value of EUR312m (US$342m). The deal primarily consists of Compagnie des Ciments Belges SA and is subject to the European Commission giving its approval.
HeidelbergCement has been obliged to sell its Belgian operations as part of the process of acquiring Italcementi. In 2015 the assets generated pro forma sales of EUR180m (US$197m) on sales of 1.8Mt of cement, 4.8Mt of aggregates and 0.8Mm3 of ready-mix.
Commenting, Dr Bernd Scheifele, chairman of the Managing Board of HeidelbergCement, said: “With the disposal of the Belgium assets we fulfill the obligation of the European Commission and improve the net financial position of HeidelbergCement after the acquisition of the 45 per cent share in Italcementi. We are well on track to reach our target of at least EUR1 billion of proceeds from disposals.”
Francesco Caltagirone, chairman and CEO of Cementir Holding, commented: “This acquisition is a unique strategic opportunity to diversify our geographical presence in the core of Western Europe with high-quality assets and vertically-integrated business as well as to increase our exposure to the aggregate business. The plant of Gaurain-Ramecroix is the largest integrated cement plant in France-Benelux, has a state-of-the-art technology and long-life mineral reserves”.
The deal is expected to be completed in the second half of 2016.
Published under Cement News