South Korea’s largest cement producer has acquired Daehan Cement Co., the country’s largest blastfurnace slag cement producer, in a deal valued at KWR265 billion (US$232.8 million). The acquisition further consolidates the Korean cement industry, after Hanil Cement Co. took over Hyundai Cement earlier this year.
The acquisition of Daehan maintains Ssangyong’s leading position in the Korean cement sector – a position that had been threatened by Hanil’s acquisition of Hyundai.
According to IA Cement, South Korean cement demand has surged recently on the back of high public infrastructure spending, work for the 2018 Winter Olympics, rising housing prices, and multiple commercial construction projects.
The uptick in demand is not expected to last, however, with producers are bracing themselves for weaker domestic demand from 2H17, IA Cement added.
Read the article online at: https://www.worldcement.com/asia-pacific-rim/27062017/ssangyong-acquires-hanil-cement-co/