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News HeidelbergCement buys Cementir Italia

HeidelbergCement buys Cementir Italia

Written by Global Cement staff 20 September 2017
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Italy: HeidelbergCement’s subsidiary Italcementi has agreed to buy Cementir Italia from Cementir Holding for Euro315m. The acquisition includes all of Cementir Italia’s cement and concrete businesses including the subsidiaries Cementir Sacci and Betontir. The transaction is expected to be completed in early 2018 subject to approval by the Italian Antitrust Authority.

“Cementir Italia provides an ideal industrial and geographic fit that significantly improves our nationwide presence in Italy,” said Bernd Scheifele, chairman of the managing board of HeidelbergCement. “For Italcementi, the acquisition is a unique opportunity to grow and consolidate its position in the Italian market. We see strong recovery potential in southern Europe and especially in Italy over the coming years. With this acquisition we are very well positioned to create value through synergies, efficient processes, and the offer of high-quality and innovative products. The acquisition is part of our strategy of disciplined growth and increasing shareholder returns.”

Cementir Italia’s business includes five integrated cement plants and two cement grinding plants with a total capacity of 5.5Mt/yr, as well as the network of terminals and concrete plants, all operating in Italy. Italcementi will fully integrate the operations into its current network. Minimum annual run-rate cost synergies of Euro25m are expected to be achieved by 2020. The acquisition will be financed with free cash flow. HeidelbergCement intends to pay for the purchase with the disposal of ‘non-core’ assets.

Published in Global Cement News
Tagged under
  • Italy
  • HeidelbergCement
  • Cementir Italia
  • Cementir Holding
  • Acquisition
  • SACCI
  • Italcementi
  • GCW320

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