Sale of Balboa cement company
First publishedon www.AggBusiness.com
Spanish steel company Alfonso Gallardo is selling various assets in Spain to Brazilian steel company CSN for €382 million.
The measure is designed to strengthen its financial position and generate cash.
A 98% stake in the metal subsidiaries Corrugados Azpeitia and Corrugados Lasao as well as in cement company Balboa will be taken over by CSN. The aim is to have the deal done in the first quarter of 2011.
Alfonso Gallardo reported a 38.4% drop in its consolidated sales in 2009 to €1.51 billion, while losses came to €53.6 million.