Peruvian cement manufacturer Union Andina de Cementos has completed the purchse of Lafarge Cementos Ecuador.
The purchase, announced in May 2014, was for around $517 million. Union Andina de Cementos bought 98.57% of Lafarge Cementos Ecuador via public stock offering.
“We are pleased with the transaction, which represents an important step in our growth strategy. With this long-term investment in our neighbouring country, Ecuador, we are committed to the Ecuadorian market, to serve it in the best way and to continue with the company’s contribution to the citizens’ quality of life,” said Carlos Ugs, Union Andina de Cementos director.
“The prestige of the UNACEM group in the cement industry makes this investment an attractive challenge for our company’s employees, who have received a clear message of continuity. In that regard, we are excited about the new era ahead,” added José Antonio Correa, chief executive, Lafarge Cementos Ecuador.