On 30 July, Buzzi Unicem executed the agreement with Wietersdorfer as originally announced on 18 February. As of 1 August, Buzzi Unicem has transferred to a subsidiary of Wietersdorfer (w&p Cementi SpA) the cement plant located in Cadola (Belluno). Furthermore, the option has been formalised that entitles Wietersdorfer to acquire within five years and without additional payment the Travesio (Pordenone) cement plant for a total consideration of ~€22 million.
In exchange, Buzzi Unicem has purchased a 25% interest in the share capital of w&p Cementi SpA and Salonit Anhovo Gradbeni Materiali d.d. (Slovenia), both subsidiaries of Wietersdorfer, for a total consideration of ~€22 million.
Currently, w&p Cementi SpA owns a 0.3 million tpa grinding plant in San Vito al Tagliamento (Pordenone), while Salonit Anhovo Gradbeni Material d.d. operates a recently refurbished 1.3 million t integrated cement plant in Slovenia.
At the time of the initial announcement, Buzzi Unicem stated that the arrangement would offer important benefits, such as:
- Improved procurement logistics thanks to a larger presence in the area.
- Technological integration between the two groups aimed at the improvement and development of new products intended for a market in constant evolution.
- Strengthened and more widespread assistance and services.
Adapted from press release by Katherine Guenioui
Read the article online at: https://www.worldcement.com/europe-cis/31072014/buzzi-unicem-executes-asset-exchange-agreement-with-wietersdorfer-207/