Dyckerhoff, owned by Italian company Buzzi-Unicem, has announced the acquisition of independent German cement producer Portland Zement Seibel und Söhne GmbH & Co, more commonly known as “der böse Seibel” (Seibel the bad), reports CM-CIC Market Solutions. The acquisition is subject to the prior approval of the Bundeskartellamt.
Commenting on the potential acquisition, CM-CIC Market Solutions said: "This deal is a powerful symbol. Porland Zement Seibel und Söhne, for which revenues are estimated at around EUR20m, is to be bought from its two family shareholders, cousins Philipp and Silvia Seibel, who own a plant in the difficult and overcapacity region of Rhineland-Westphalia."
The transaction value is estimated at EUR35m, with a small portion of equity (indebted target). 30-50 per cent of this company's activity, which owns an old cement plant in Erwitte (700,000t of capacity), concerns bagged cement, sold to local builder merchants (“Bauzulieferant” such as Raab Karcher or Bauking) and to DIY outlets (Bauzentrum Spies, etc.).
Dyckerhoff will easily be able to optimise this asset within its existing network of two plants and a grinding plant nearby, claims CM-CIC Market Solutions.
