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| Besix Group acquires construction business in Europe Orascom Construction Industries, an Egyptian cement producer and construction contractor, announced that Besix Group – 50% owned by OCI – has signed an agreement for a total value less than US$40 million to acquire two Belgium-based groups, Socogetra and Cobelba, with operations in road construction works, general contracting and aggregates, ready-mix concrete production and asphalt spanning Belgium, France, Luxembourg and Hungary. Socogetra has around 60 years of experience in the road construction industry and is a producer of aggregates, ready-mix concrete and asphalt. Overall, Socogetra has an annual production capacity of 1.1 million tons of aggregates including a 700, 000 tons limestone quarry in joint venture with Lafarge. Cobelba is a reputable general contractor established in 1994 with operations in Belgium and Luxembourg. Combined, the business will generate approximately US$ 110 million in consolidated revenue with an EBITDA of US$ 7.5 million during 2006. the acquired companies have no debt on their balance sheets. write your comments about the article :: © 2006 Construction News :: home page |