Disposal marks first step in portfolio optimization process as part of ‘Beyond 2020’ strategy
HEIDELBERGCEMENT have successfully sold their majority 51% stake in the Kuwaiti cement and ready-mixed concrete company Hilal Cement to Silver Share Real Estate for an undisclosed sum.
This sale marks the first step of a comprehensive portfolio optimization process announced by HeidelbergCement last year as part of their ‘Beyond 2020’ strategy.
‘We are pleased with the closing of the transaction in Kuwait,’ said Dr Dominik von Achten, chairman of the managing board of HeidelbergCement. ‘The focus of our portfolio management is on simplifying the country portfolio and prioritizing the strongest market positions. The sale of our shares in Hilal Cement in Kuwait is a first step in this process.’
Hilal Cement operate four ready-mixed concrete plants and two cement terminals in Kuwait. The company joined HeidelbergCement AG in 2016 as part of the acquisition of Italcementi and has since been managed by Egyptian subsidiary Suez Cement.