HeidelbergCement sell US and Belgian assets
Company fulfils Italcementi acquisition obligations with completion of asset sales in US and Belgium
ON 30 November 2016, HeidelbergCement completed the sale of their Martinsburg, West Virginia, cement plant and eight related terminals to an affiliate of Cementos Argos for US$660 million on a cash and debt-free basis.
This disposal fulfils all the obligations of the Federal Trade Commission, which had previously approved the agreement, following the acquisition of Italcementi.
A month earlier, on 25 October, HeidelbergCement completed the sale of operations in Belgium, primarily consisting of Italcementi’s Belgian subsidiary Compagnie des Ciments Belges SA (CCB), to an affiliate of Cementir Holding, thereby fulfilling the obligations of the European Commission with regard to the Italcementi acquisition.
The Belgian transaction had an enterprise value of €312 million on a cash and debt-free basis.
