Italcementi, a subsidiary of Heidelberg Cement, recently agreed to buy Cementir Italia from Cementir Holdings for 315 million euros. The acquisition includes all of its cement and concrete businesses, as well as subsidiaries Cementir Sacci and Betontir. It is expected that the transaction will be completed in the first half of 2018 after the approval of the Italian antitrust authorities.
Bernd Scheifele, Chairman of the Board of Directors of Heidelberg, said: "The acquisition of Cementir Italia is a very good complement to the industrial and geographical layout of Heidelberg Cement, which can strengthen our corporate image in Italy.". This is a good growth opportunity for Italia Cement, and the acquisition can consolidate Italia Cement's position in the Italian cement market. In addition, Bernd Scheifele added that Heidelberg believes that the southern European market is recovering and has great potential for development. With the completion of the acquisition, the Group will create more value through synergies and efficient processes, and provide high-quality and creative products to its customers. The acquisition is also part of Heidelberg's strategy to grow itself and boost shareholder returns.
Cementir Italia's operations are all in Italy, including five integrated cement plants and two grinding stations, with a total capacity of 5.5 million tons per year. In addition, the company has a complete transit transportation network and some concrete plants. Italcementi will integrate Cementir Italia's business into its existing system. The synergy between the two companies is expected to reduce operating costs by at least 25 million euros by 2020. The transaction will be paid in cash, and Heidelberg will pay for the acquisition by divesting some non-core assets.
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