HeidelbergCement has completed the sale of operations in Belgium, primarily consisting of Italcementi’s Belgian subsidiary Compagnie des Ciments Belges SA (CCB) to Aalborg Portland Holding SA (Cementir Group).

"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 Italcementi," said Dr Bernd Scheifele, CEO of HeidelbergCement.

HeidelbergCement and Cementir Holding announced the sale on 25 July 2016. The transaction has an enterprise value of EUR312m on a cash and debt-free basis. Previously, the European Commission had approved the agreement.