Europe / Middle East / Africa
Votorantim and InterCement to undertake reorganization
Jul, 02 2012
(Portugal) -- Votorantim Cimentos and InterCement have signed an agreement to undertake a corporate reorganisation of Cimpor.
The reorganization will give Votorantim control over the Portuguese cement company's assets in seven countries. Votorantim Cimentos will control 22 cement plants, 78 concrete plants, 22 aggregate plants and six mortar units located in these different countries. The reorganization will also result in the segregation of Votorantim and InterCement as Cimpor shareholders.
"The agreement represents an important step in Votorantim Cimentos' international growth strategy of enhancing its participation as a global player," remarked Votorantim Cimentos CEO, Walter Schalka.
Votorantim Cimentos will plans to add 15Mta to its global production capacity, which will grow to 57Mta, up from the current 42Mt.
According to Raul Calfat, the managing director of Votorantim Industrial, this expansion will allow the Group to "create value through operating excellence and logistics based on a replicable management system, attracting and developing talent and socioenvironmental responsibility."
The company will also receive 3670 employees and have an increase of €778m in net income, and get €152m in EBITDA.
By: Rashmi Kalia (ARI-C NEWS)
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