Armenia: Businessman Narek Nalbandyan has acquired the Hrazdan cement plant, which has been idle for years, according to PanArmenian news.
“A new stage of development is beginning for the plant. A large-scale investment programme is planned to be launched as soon as possible. Under the program, the plant's equipment will be modernised, its production capacity will be restored and new jobs will be created,” Nalbandyan said.
The plant is considered one of Armenia's two major cement plants. It has changed owners several times over the past 20 years, according to local press. Most recently, in late 2017, it was acquired by Hrazdan Cement, but bankruptcy proceedings involving the company began in 2022.