Cemex has agreed to acquire Kiesel, a mortars and adhesives technological leader in the construction industry based in Germany, as part of its ongoing strategy to strengthen Cemex’s Urbanization Solution business through bolt-on acquisitions aiming to contribute to the development of vibrant, resilient, and more sustainable cities.
“We remain committed to increasing our capacity to serve growing urban markets with more sustainable and innovative solutions,” said Sergio Menéndez, President of Cemex Europe, Middle East, Africa & Asia. “This acquisition will enhance our Urbanization Solutions business and allow us to serve our customers better.”
Kiesel is a provider of building solutions with over 60 years of experience that serves the German, French, Polish, and Czech markets. Kiesel’s product portfolio includes a range of solutions to ensure efficient installation of all types of floors or wall coverings, as well as mortars for the installation of ceramic and natural stone tiles.
Mortars are building materials that use cement to bond bricks and concrete blocks and to install different materials, such as tile and ceramic. Mortars are vital for many construction projects, especially for renovating buildings and enhancing the energy efficiency of the built environment. Cemex already provides a variety of mortars in its markets around the world as part of its Urbanization Solutions business.
The closing of this acquisition is subject to the satisfaction of certain conditions, including consent from government agencies. Cemex expects to finalize this acquisition by the end of the fourth quarter of 2023 or soon thereafter.
Cemex’s bolt-on acquisition strategy and its Urbanization Solutions business have been strong growth drivers for the company. For the second quarter of 2023, the company reported EBITDA growth of 26% in its Urbanization Solutions business and an incremental EBITDA contribution of US$ 46 million from growth investments and Urbanization Solutions.