HeidelbergCement completes sale of assets in Belgium to Cementir Holding in the context of the Italcementi acquisition

The FINANCIAL — On October 25, HeidelbergCement has completed the sale of operations in Belgium, primarily consisting of Italcementi’s Belgian subsidiary Compagnie des Ciments Belges S.A. (CCB) to an affiliate of Cementir Holding.

Previously, the European Commission had approved the agreement.

“With the disposal of the Belgium assets we fulfill the obligation of the European Commission and improve the net financial position of HeidelbergCement after the acquisition of Italcementi,” said Dr. Bernd Scheifele, CEO of HeidelbergCement.

HeidelbergCement and Cementir Holding announced the sale on July 25, 2016. The transaction has an enterprise value of €312 million on a cash and debt-free basis, according to HeidelbergCement.