Brazil: The Portuguese cement production group Cimpor has announced the merger of two of its subsidiaries in Brazil, namely Cimpor Cimentos do Brasil and InterCement Brasil. Both companies are fully and indirectly owned by Cimpor, which itself is controlled by Brazil's Camargo Corrêa. The merger project received the green light of Cimpor's board of directors on 30 January 2013.
"The merger of these two companies in the Cimpor universe will make it possible to create joint value, promoting synergies, leading to improved operating efficiency and quality of services offered to the Brazilian market," said Cimpor said in a statement filed with the Portuguese market regulator.
The deal to merge the two subsidiaries comes after an asset swap between Cimpor, InterCement and Votorantim that took place in 2012.
