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| Lafarge acquires Egypt's Orascom Cement  Lafarge, the world's biggest cement maker, is buying Orascom Cement, the leading cement group in the Middle East and Mediterranean Basin, for 8.8 billion euros ($12.81 billion). Nassef Sawiris, a shareholder in Orascom Cement's parent company, Orascom Construction Industries (OCI), will take an 11.4 percent stake in Lafarge and a seat on its board. Belgian company Groupe Bruxelles Lambert, the investment company of billionaire Albert Frere, will also join Lafarge's board of directors. Lafarge said it would take on 1.4 billion euros of debt.Orascom Cement is an emerging markets Cement leader, with number-one positions in the key markets of Egypt, Algeria, United Arabs Emirates and Iraq and with strategic positions in other growth markets in the region: Saudi Arabia, Syria and Turkey. Orascom Cement also has positions in several high-potential markets in Africa and Asia, including South Africa, Nigeria, Pakistan and North Korea. Orascom Cement operates ten new or recent, state-of-the-art highly efficient and low cost production facilities, with a production capacity of 35 million tons at the end of 2008. Several plants are also under construction, which will bring total capacity to 45 million tons by 2010. In 2008, revenues and EBITDA are estimated at $2.6 billion and $1.3 billion, respectively, with significant growth potential in the years ahead. write your comments about the article :: © 2007 Construction News :: home page |