After having announced to sell regional businesses in Catalonia, Madrid, Asturias and on the Balearic Islands, HeidelbergCement now signed a contract to sell its southern Spain business to Votorantim Cimentos.
The sale includes the 1.4Mta integrated cement plant in Malaga, three aggregate sites, and 11 ready-mixed concrete sites in Andalusia. Both companies have agreed not to disclose the purchase price.
"With this transaction, Votorantim Cimentos strengthens its business in Spain and creates significant synergies with its existing assets. This deal is fully aligned with our strategy and will allow us to reinforce our presence in the Iberian Peninsula, following recent acquisition of Cementos Balboa," said Marcelo Castelli, global CEO of Votorantim Cimentos.
Divesting these assets in Spain is part of the portfolio optimisation and margin improvement programme within HeidelbergCement’s ‘Beyond 2020’ strategy. In Spain, the company will now fully focus on its northern cluster located in the Basque country. HeidelbergCement will continue to supply customers from its remaining facilities in northern Spain with products from all three business lines cement, aggregates, and ready-mixed concrete.
The transaction remains subject to customary closing conditions, including the approval by regulatory authorities in Spain which is expected for the second half of 2022.
