SMT Shipping (SMT) and The CSL Group (CSL) have entered into an agreement for CSL to acquire 50 per cent of Eureka Shipping Ltd, SMT's pneumatic cement vessel business.
The new joint venture will allow Eureka and CSL to combine expertise, resources and innovative technologies to expand services to customers in the seaborne cement powder and fly ash transportation markets around the world, according to a press release. CSL's Australian cement shipping business is not included in the joint venture.
"The joint venture represents an important step in CSL's strategy to increase its presence in the global construction material sector," said Louis Martel, president and CEO of CSL. "We are confident that the synergies between CSL and the Eureka team, along with our common values and complementary skills will further strengthen our ability to provide significant value to our customers and an effective platform for growth."
The transaction is subject to regulatory approval and is expected to close by the end of June.
