The FINANCIAL — HeidelbergCement has completed the sale of its Martinsburg, West Virginia cement plant and eight related terminals to an affiliate of Cementos Argos.
Previously, the Federal Trade Commission (FTC) had approved the agreement.
“With the disposal of the US assets we fulfill the obligation of the FTC and improve the net financial position of HeidelbergCement after the acquisition of Italcementi,” said Dr. Bernd Scheifele, CEO of HeidelbergCement. “Thereby we have fulfilled all the obligations in the context of the Italcementi acquisition.”
HeidelbergCement and Cementos Argos announced the sale on August 18, 2016. The transaction purchase price is USD 660 million on a cash and debt-free basis, according to HeidelbergCement.