Ssangyong Cement Industrial Co of South Korea has purchased Daehan Cement Co, the country’s largest blastfurnace slag cement producer at KRW265bn (US$232.8m). The acquisition will enable Ssangyong Cement to secure its leadership over Hanil Cement Co that recently acquired Hyundai Cement Co, a smaller rival.

The deal entitles the cement manufacturer to take over Daehan Cement and Daehan Slag Co and will give the company a 24 per cent share in the domestic cement market. Daehan Cement posted nearly KRW240bn in sales and KRW47bn in EBITDA last year with most of its product being used to make concrete pavement, structures and foundations.

Ssangyong Cement Industrial secured the agreement with local private equity fund Hahn & Company on purchasing a 100 per cent stake (1,215,565 common shares) in Daehan Cement held in private equity.