|
contents | business | |||||||||
| Holcim and HeidelbergCement intend joint control of Cement Australia Swiss cement maker Holcim and Germany-based HeidelbergCement intend to balance their respective interests in Cement Australia and to operate the company as a joint venture. Holcim plans to sell 25 percent of the share capital of Cement Australia to HeidelbergCement. After signing the contract, the two construction materials Group will each hold a 50 percent interest in this joint venture. The transaction is already approved by the Australian authorities. The parties have agreed not to disclose the cash purchase price. In future, Holcim and HeidelbergCement should be equally represented on the Board of Directors and the Chairmanship should rotate. This transaction is part of the Holcim Leadership Journey and the new joint venture will be proportionately consolidated by Holcim upon conclusion of the contract. Cement Australia operates two cement plants and a grinding station in the East and Southeast of Australia and in Tasmania with a total annual capacity of 4.2 million tonnes of cement. Furthermore, a new grinding station in Port Kembla with an annual capacity of 1.1 million tonnes of cement will go on stream in 2013. The company has more than 1, 000 employees and recorded a turnover of approximately AUD 1 billion in 2012. write your comments about the article :: © 2013 Construction News :: home page |