In connection with the nationalization in Venezuela, Holcim is selling shareholdings in Panama and the Caribbean to joint venture partner Argos

07.31.2009
 
 

As a consequence of the nationalization of Holcim Venezuela, the long-term economics of supplying Holcim produced clinker and cement to the grinding stations and terminals in Panama and the Caribbean is no longer viable.

For this reason, effective July 30, 2009, Holcim is selling its shareholding in Panama, the Dominican Republic and Haiti as well as terminals in the Caribbean to its long-time joint venture partner Argos for USD 157 million (CHF 168 million). The Colombian based building materials group has sufficient export capacity in the region.

 

The divestments include a Panamanian company with one grinding station and operations in aggregates and ready-mix concrete as well as a Dominican grinding station operator. To date, both enterprises have been proportionately consolidated by the Holcim Group. Additionally, Holcim is selling 100 percent of a company with cement import terminals on four islands in the Caribbean and its minority holding in a grinding station on Haiti. In 2008, these interests in total contributed CHF 107 million to the Group's net sales of CHF 25.2 billion.

 

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Cementos Argos S.A. is Colombia's largest cement producer (www.argos.com.co).
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Holcim is one of the world's leading suppliers of cement and aggregates (crushed stone, gravel and sand), as well as further activities such as ready-mix concrete and asphalt including services. The Group has majority and minority holdings in around 70 countries across all continents.
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