Votorantim Cimentos, through its Spanish subsidiary Corporación Noroeste, has entered into an agreement for the full acquisition of Cementos Balboa. Cementos Balboa has an integrated plant in Alconera, southwest Spain, with an installed production capacity of 1.6Mta.
"This transaction, which I am pleased to announce today, exemplifies our growth and positioning strategy in Spain, strengthening our current footprint in the country", said Marcelo Castelli, Global CEO of Votorantim Cimentos.
Votorantim Cimentos has been in Spain since 2012 and currently operates four integrated cement plants, two cement mills, one mortar plant and several concrete and aggregates plants.
The transaction remains subject to customary closing conditions, including the approval by regulatory authorities. The two companies will continue to operate as separate businesses pending the closing of the transaction.
