Italcementi complete Cementir Italia acquisition
HeidelbergCement subsidiary consolidates its position in the Italian cement market
ITALCEMENTI, a subsidiary of HeidelbergCement, have completed their €315 million acquisition of Cementir Italia following approval by the Italian competition authority.
The competition authority gave clearance to the acquisition in November 2017 subject to certain conditions, including the divestment of some plants, details of which will be defined within the next five months.
‘With the acquisition of Cementir Italia we significantly improve our nationwide presence in Italy,’ commented Dr Bernd Scheifele, chairman of the managing board of HeidelbergCement.
‘For Italcementi, the acquisition is a unique opportunity to grow and consolidate their position in the Italian market. We see strong recovery potential in Southern Europe and especially in Italy over the coming years.’
On 19 September 2017, Italcementi and Cementir Holding entered into an agreement to buy Cementir Italia, including the fully controlled subsidiaries Cementir Sacci and Betontir.
Cementir Italia’s business includes five integrated cement plants and two cement grinding units with a total cement capacity of 5.5 million tonnes per year, as well as a network of terminals and concrete plants, all operating in Italy.
Annual run-rate cost synergies of at least €25 million are expected to be achieved by 2020.
‘With this acquisition we are very well positioned to create value through synergies, efficient processes, and the offer of high-quality and innovative products,’ said Dr Scheifele. ‘The acquisition is part of our strategy of disciplined growth and increasing shareholder returns.’
