HeidelbergCement subsidiary, Italcementi, has completed the acquisition of Cementir Italia from Cementir Holding, following the approval of the deal by the Italian competition authority. The deal is worth €315 million and includes Cementir Italia’s five integrated cement plants and two cement grinding facilities.
The transaction bolsters Italcementi’s nationwide presence in the Italian market, a market with “strong recovery potential”, according to Chairman of the Managing Board at HeidelbergCement, Dr Bernd Scheifele.
The deal was first announced on 19 September 2017. In addition to Cementir Italia’s cement operations, it includes the fully-controlled subsidiaries Cementir Sacci and Betontir. Minimum cost synergies of €15 million are expected to be achieved by 2020.
The Italian competition authority’s approval of the transaction was subject to a number of conditions, including the divestment of some plants. Italcementir is expected to make a decision within the next five months as to how it will meet these conditions.
Read the article online at: https://www.worldcement.com/europe-cis/03012018/italcementi-completes-cementir-italia-takeover/