25 July 2016
HeidelbergCement to sell assets in Belgium to Cementir Holding
HeidelbergCement to sell assets in Belgium to Cementir Holding in the context of the Italcementi acquisition
HeidelbergCement, through its subsidiary Ciments Français S.A.S, entered into an agreement with Aalborg Portland Holding A/S, a subsidiary indirectly 100% controlled by Cementir Holding, to sell operations in Belgium, primarily consisting of Italcementi’s Belgian subsidiary Compagnie des Ciments Belges S.A. (CCB). The disposal was committed to the European Commission in order to address competition concerns caused by the Italcementi acquisition. The agreement is subject to the approval of the European Commission. The transaction has an enterprise value of €312 million on a cash and debt-free basis. The closing is subject to the satisfaction of customary closing conditions. HeidelbergCement expects the transaction to close in the second half of 2016.
“With the disposal of the Belgium assets we fulfill the obligation of the European Commission and improve the net financial position of HeidelbergCement after the acquisition of the 45% share in Italcementi,” said Dr. Bernd Scheifele, Chairman of the Managing Board of HeidelbergCement. “We are well on track to reach our target of at least €1 billion of proceeds from disposals.”
HeidelbergCement is one of the world’s largest integrated manufacturers of building materials with leading market positions in aggregates, cement, and ready-mixed concrete. Following the acquisition of Italcementi, the company employs some 63,000 people at more than 3,000 locations in around 60 countries.
About Cementir Holding
Cementir Holding is a multinational Group that produces and distributes grey and white cement, ready-mixed concrete, aggregates and concrete products. Cementir Holding is part of Caltagirone Group and has been listed on the Italian Stock Exchange since 1955, currently in the STAR segment. Through its subsidiaries Aalborg Portland, Cimentas and Cementir Italia, Cementir Holding operates in 16 countries across 5 continents.