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Displaying items by tag: Acquisition
Seven companies in contention to buy Cement Industries of Malaysia
22 November 2023Malaysia: UEM Group, a subsidiary of the Malaysian sovereign wealth fund, has revealed that it has shortlisted prospective buyers for Cement Industries of Malaysia (CIMA). The Edge Malaysia newspaper has reported that the list is comprised of four local entities, one entity based in China, one in Germany and one in the Philippines. None of the bidders is reportedly an existing competitor of CIMA in the Malaysian cement sector.
CIMA operates the 1.3Mt/yr Bahau cement plant in Negeri Sembilan. UEM group announced that it was seeking a buyer for the business in February 2023, at which time it was seeking a valuation of US$230m for it.
SigmaRoc buys CRH’s European lime business
22 November 2023Europe: Ireland-based CRH has agreed to sell its European lime business to UK-based SigmaRoc for US$1.1bn. The business controls 16 sites across the Czech Republic, Germany, Ireland, Poland and the UK. CRH says that the first phase of the transaction, which is scheduled for completion in early 2024, will hand over control of the Czech Republic, Germany and Ireland businesses to SigmaRoc, while control of the Poland and UK business will pass over in two subsequent phases.
CRH chief executive officer Albert Manifold said “The decision to divest at an attractive valuation follows a comprehensive review of the Business and demonstrates CRH’s active approach to portfolio management. The proceeds from the divestment will provide us with significant additional capital allocation opportunities to deliver further growth and value creation for our shareholders.”
CRH to acquire Hunter cement plant from Martin Marietta Materials
21 November 2023US: Ireland-based CRH has concluded a deal for the acquisition of Martin Marietta Materials’ South Texas business. This includes the 2.1Mt/yr Hunter cement plant, a network of cement terminals on the Gulf of Mexico and 20 ready-mix concrete batching plants. The value of the transaction is US$2.1bn.
CRH chief executive officer Albert Manifold said “The acquisition of these high-quality assets further strengthens our market leading position in Texas and increases our exposure to attractive, high-growth markets. Our ability to leverage our cement expertise and technical capabilities will enable us to enhance and optimise our existing footprint in Texas, resulting in significant synergies and self-supply opportunities. This transaction reflects our disciplined approach to capital allocation as well as our commitment to deliver further growth and value creation for our shareholders. We also believe there is significant potential to unlock additional growth opportunities across an expanded footprint in this attractive growth market.”
National Cement to acquire CIMERWA
20 November 2023Rwanda: Kenya-based Devki Group subsidiary National Cement signed a deal to acquire CIMERWA from International Holdings Proprietary Limited, a subsidiary of South Africa-based PPC, and minority shareholders on 17 November 2023.
KTPress News has reported that CIMERWA’s chair, Regis Rugemanshuro, said “We look forward to welcoming National Cement as our new shareholder. We are confident that they have the financial and technical resources required to support CIMERWA’s growth and expansion in line with our vision and their ambitions in the region.”
Narendra Raval, chair of Devki Group, said “We are committed to a long-term strategic partnership with CIMERWA. We believe in the potential for this business and its people and are excited by the opportunity to support infrastructure development in the region in line with our strategic expansion ambitions.”
Holcim to sell Hima Cement and Mbeya Cement
15 November 2023Tanzania/Uganda: Switzerland-based Holcim has signed agreements to sell Uganda-based Hima Cement and Tanzania-based Mbeya Cement. Local industrial conglomerate Sarrai Group will acquire Hima Cement for US$120m, while local oil importer Amsons Group will acquire Mbeya Cement for an undisclosed sum.
Holcim’s Asia, Middle East & Africa regional head Martin Kriegner said “These divestments advance our strategy to consolidate our leadership in core markets as the global leader in innovative and sustainable building solutions. With the Sarrai Group and Amsons Group, we are pleased to have found strategic and trusted partners who are best positioned to develop these businesses in the long term.”
Afrimat secures recommendation to acquire Lafarge South Africa
08 November 2023South Africa: The Competition Tribunal has received a recommendation from the Competition Commission that it should allow aggregates producer Afrimat to acquire Lafarge South Africa. Creamer Engineering News has reported that the commission found that the merger involves ‘horizontal overlaps’ in the aggregates and ready-mix concrete sectors. As such, it recommended that the parties be required to divest assets across the affected sectors.
UNACEM completes acquisition of Tehachapi cement plant
02 November 2023US: Local press has reported that Peru-based UNACEM has completed its purchase of the Tehachapi cement plant in California from Martin Marietta Materials. UNACEM concluded an agreement to take over the plant from the North Carolina-based producer in August 2023, for a reported US$317m.
Gansu Qilianshan Cement to issue shares
31 October 2023China: China National Building Material (CNBM) says that its subsidiary Gansu Qilianshan Cement has issued shares. Reuters has reported that CNBM stated the reason for the issuance is ‘asset acquisition’ as part of the group’s on-going restructuring.
JK Cement to acquire stakes in four energy companies
31 October 2023India: JK Cement has advanced its diversification into the energy sector with four new acquisitions. The Free Press Journal has reported that the cement producer has signed agreements to acquire stakes in CleanMax Matahari, Fourth Partner Energy, Nay Energy and Renewable Energy V.
Qatar: The board of directors of Qatar National Cement has approved the proposed sale of the company’s Cement Plant No. 1 in Umm Bab, Al-Shahaniya Municipality. Reuters has reported the plant’s buyer as Arab International Metal Trading.