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| OCI acquires 50% stake in largest concrete producer in Spain Egypt-based Orascom Construction Industries (OCI) has acquired a 50% stake in Group GLA (GrupoGLA), the largest independent aggregates and ready-mix concrete producer in Spain. The Group was founded by the prominent Monje Tuñon family who will continue to be joint venture partners in the business. Group GLA has operations in aggregates and ready-mix concrete throughout Spain with a focus on the Madrid market. The Company also has operations in mortar and pre-cast concrete production and application. OCI has acquired Group GLA shares for a total cash consideration of EUR 51.3 million and contributed its 59% stake in its subsidiary Cimentos La Parilla (CLP), the Spanish owner and operator of a clinker grinding plant located north of Madrid acquired in late 2005, to arrive at its 50% stake. The new joint venture partners have committed to an immediate capital increase of EUR 40 million. write your comments about the article :: © 2006 Construction News :: home page |