Chile’s Cementos Bío Bío has sold its Peruvian subsidiary, Cementos Portland, in a transaction valued close to US$14m, according to La Tercera. The departure means that it will no longer be participating in a project with Brazil’s Votorantim Cimentos to construct a plant in Lima, which has reportedly faced a number of difficulties concerning market rivals.

A further two projects that the company had planned in Peru, one concerning cement and the other lime, will remain unfulfilled after the sale. The company first acquired a 50 per cent stake in Cementos Portland in 2010.