Holcim will endeavour to find a solution with Venezuela
Apr, 08 2008
(Zurich Switzerland) -- Holcim Venezuela has been officially informed
by the Venezuelan government that it plans to nationalize all foreign
cement producers operating in the country. The acquisition of at least
60 percent of the share capital of the companies affected is to be
instigated as soon as possible, and Holcim Venezuela has been called on
to nominate a negotiating delegation.
Holcim has been operating in Venezuela since 1978, when the Group
acquired a minority holding in Cementos Caribe. Following the merger
with another private cement company, Holcim successively increased its
stake in Holcim Venezuela – a major national producer of building
materials – to 99.9 percent.
In the course of the forthcoming negotiations, Holcim will endeavor to
find a solution that is satisfactory to both sides, and is determined
to safeguard the interests of the Venezuelan Group company and its
Holcim is confident that the company will be able to continue producing as normal and efficiently serve the market.
Holcim Venezuela operates two cement plants in Puerto Cumarebo and San
Sebastián with an annual capacity of 2.9 million tonnes of cement and,
on the request of the Venezuelan government, has for some considerable
been producing exclusively for the domestic market. The company also
has ready-mix concrete facilities and aggregates plants. In 2007,
Holcim Venezuela with its 774-strong workforce recorded net sales of
USD 200 million, accounting for approximately 1 percent of Group
turnover. In the past eight years, Holcim Venezuela has invested an
average of USD 20 million p.a. in efficiency improvements and
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Holcim is one of the world's leading suppliers of cement and aggregates
(crushed stone, gravel and sand) as well as further activities such as
ready-mix concrete and asphalt including services. The Group holds
majority and minority interests in more than 70 countries on all
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