US: Mexico’s Elementia has completed its acquisition of Giant Cement for US$220m from Cementos Portland Valderrivas (CPV). The board of directors has given its final approval for the purchase of the remaining 55% stake of the US cement producer giving it full control of the company. The transaction gives Elementia three cement plants, three limestone quarries, two aggregate quarries and six cement terminals, adding more than 2.8Mt/yr of cement production capacity.
“Today marks a major milestone for Elementia as we successfully enter the US cement market and take another solid step within our inorganic growth strategy. The work of our transition team is already underway to extract the tremendous value we see in Giant,” said Fernando Ruiz Jacques, chief executive officer of Elementia.