HeidelbergCement to grow its position in Italy
On 19.09.2017, HeidelbergCement announced that its Italian subsidiary Italcementi has entered into an agreement with Cementir Holding to buy Cementir Italia, including the fully controlled subsidiaries Cementir Sacci and Betontir. The acquisition includes all of Cementir Italia’s cement and concrete business. The transaction has an enterprise value of € 315 million. Closing of the transaction, which is subject to final approval by the Italian Antitrust Authority, is expected in early 2018.
“Cementir Italia provides an ideal industrial and geographic fit that significantly improves our nationwide presence in Italy,” explains Dr. Bernd Scheifele, Chairman of the Managing Board of HeidelbergCement. “For Italcementi, the acquisition is a unique opportunity to grow and consolidate its position in the Italian market. We see strong recovery potential in Southern Europe and especially in Italy over the coming years. With this acquisition we are very well positioned to create value through synergies, efficient processes, and the offer of high-quality and innovative products. The acquisition is part of our strategy of disciplined growth and increasing shareholder returns.”
Cementir Italia’s business includes five integrated cement plants and two cement grinding centers with a total capacity of 5.5 million t/a, as well as the network of terminals and concrete plants, all operating in Italy. Italcementi will fully integrate the operations into its current network, thereby expanding its position in the Italian market. Minimum annual run-rate cost synergies of € 25 million are expected to be achieved by 2020.
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