22 November 2019

Panama: Guatemala’s Cementos Progreso has acquired a full stake in Cemento Interoceanico. The latter company informed its staff that working conditions would remain unchanged, according to the Panamá América newspaper. Panama consumed 1.67Mt of cement in 2018. Imports increased by 2% year-on-year to 32,900t.

Chile: Data from the Chilean Construction Chamber shows that cement despatches grew by 5% year-on-year to 3.06Mt in the nine months to the end of September 2019 from 2.91Mt in the same period in 2018. The country reported annual cement despatches of 3.99Mt in 2018, a similar figure to 2017.

UK: Breedon Southern, part of Breedon Group, plans to form a joint venture in London trading as Capital Concrete with Robert Brett and the Capital Concrete senior management. Three of Breedon’s existing ready-mixed concrete assets will be combined with those of Capital Concrete, Brett’s established ready-mixed concrete operation in London.

Capital Concrete currently operates seven ready-mixed concrete plants in Bow, Croydon, Romford, Rainham, Wembley, Silvertown and Staines. Breedon will contribute its plants in Cricklewood, Feltham and Enfield, together with Euro3.6m in cash, in return for a 43% interest in the joint venture. The remainder will be owned by Brett (43%) and management (14%).

“We have had a longstanding ambition to expand our footprint in the UK’s largest construction materials market. This joint venture enables us to secure immediate critical mass in Greater London, in collaboration with an experienced local partner, with the potential to develop a business of significant scale in the capital over the next few years,” said Pat Ward, group chief executive of Breedon.

Completion of the transaction is expected to take place on 1 December 2019.