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HeidelbergCement to sell assets in the US to Cementos Argos

The FINANCIAL by The FINANCIAL
August 18, 2016
in Business
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HeidelbergCement to sell assets in the US to Cementos Argos
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The FINANCIAL — HeidelbergCement, through its subsidiaries Essroc Corp. and Lehigh Hanson, Inc., has entered into a definitive agreement with Argos USA LLC, a subsidiary of Cementos Argos, to sell its Martinsburg, West Virginia cement plant and eight related terminals.

The disposal was required by Federal Trade Commission (FTC) Decision and Order to address competition concerns arising from the Italcementi acquisition. The agreement is subject to the approval of the FTC and other customary closing conditions. The transaction purchase price is USD 660 million on a cash and debt-free basis. HeidelbergCement expects the transaction to close in the fourth quarter of 2016, according to HeidelbergCement.

“With the disposal of the Martinsburg plant we have successfully finalized our disposal program in the context of the Italcementi acquisition,” said Dr. Bernd Scheifele, Chairman of the Managing Board of HeidelbergCement. “Together with the disposals of the non-core assets and the Belgium assets of Italcementi we have exceeded our €1 billion target on disposal proceeds and thereby further improved the net financial position of HeidelbergCement.”

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HeidelbergCement was advised by Citi, Shearman & Sterling and Jones Day.

 

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