Votorantim Cimentos has confirmed that the transaction for its Moroccan assets to Heidelberg Materials has been completed.
The full sale of its partnership in Morocco includes all of its assets in the country going to Heidelberg Materials.
“The transaction was closed after fulfilling customary precedent conditions, including approval and clearance by regulatory authorities in Morocco. The effective delivery of the assets and financial settlement has also been completed. The commercial terms of the transaction remain confidential,” Votorantim Cimentos said.
“This divestment is aligned with Votorantim Cimentos’ portfolio management strategy, which seeks to maximise value for its shareholders and balance the geographic positioning between mature and emerging markets, optimising the risk management of the company’s consolidated portfolio.”
Investment in Morocco
The announcement comes after Heidelberg Materials announced its plans to acquire the Moroccan assets last year.
According to Heidelberg Materials, the transaction included 63 per cent of the shares in Asment de Témara, a cement and ready-mixed concrete producer, and 100 per cent of the shares in Grabemaro, a supplier of aggregates, by Ciments du Maroc, Heidelberg Materials’ subsidiary in Morocco.
“We are well positioned to participate in further market growth as we are strengthening our footprint in one of the most populous regions in Morocco,” Heidelberg Materials managing board member Hakan Gurdal said.
“Our growing base of customers will benefit from our national cement coverage and a strong network of ready-mixed concrete and aggregates sites delivering high-quality products.”
The transaction provides Ciments du Maroc control of Asment de Témara and Grabemaro. It also expands the subsidiary’s presence in the Northern region of Morocco including a cement plant with an annual capacity of 1.4 million tonnes of cement, two aggregates sites, and eight ready-mixed concrete plants.
“Our latest investment marks an important step as part of our ongoing portfolio optimisation to strengthen our core markets,” chairman of the Managing Board of Heidelberg Materials Dr Dominik von Achten said.
“Expanding our presence in the attractive Moroccan market while increasing our use of alternative fuels will generate substantial financial synergies and thus help us accelerate our ambitious decarbonisation efforts throughout our sites in the country and grow our local offering of sustainable solutions.”
