Egypt's Arabian Cement has entered into a €23 million joint venture agreement with Cementos Relampago, part of Brazil's Cementos La Union. According to a statement released by the company, Arabian Cement's Board of Directors has approved the plans to set up a new 230 000 tpa cement grinding facility in Northwest Brazil.
50% of the €23 million investment would be financed through debt and equity, while Arabian Cement's contribution would be €7 million, representing 60% of the total paid-in capital (according to the statement).
Arabian Cement has a production capacity of 5 million tpa and a market share of around 8% in Egypt, while Cementos La Union is one of Brazil’s leading cement manufacturers.
Edited from various sources by Rosalie Starling
Read the article online at: https://www.worldcement.com/the-americas/04112014/arabian-cement-enters-into-jv-agreement-with-cementos-la-union-787/