LafargeHolcim announces it has signed an agreement with Inversiones Caburga Limitada, a company of the Hurtado Vicuña Group, for the divestment of its 54.3 percent interest in Cemento Polpaico in Chile for an enterprise value of approximately CHF 220 million (on a 100 per cent basis). The transaction will be executed by way of a public tender offer by Inversiones Caburga Limitada to all shareholders of Cemento Polpaico.
Cemento Polpaico operates one integrated plant and two grinding plants with an annual cement capacity of 2.3 million tonnes. The company is also a leading ready-mix concrete producer operating 25 plants and produces aggregates. The launch of the public tender offer is subject to the approval of the Chilean competition authorities which is expected for the first half of 2017. Following the successful completion LafargeHolcim would exit Chile completely.
LafargeHolcim has exceeded its divestment target of CHF 3.5 billion for 2016. The Group announced in August that it would be extending the program to CHF 5 billion which it expects to complete by the end of 2017.
With a well-balanced presence in 90 countries and a focus on cement, aggregates and concrete, LafargeHolcim (SIX Swiss Exchange, Euronext Paris: LHN) is the world leader in the building materials industry. The Group has 100,000 employees around the world and combined net sales of CHF 29.5 billion in 2015. LafargeHolcim is the industry benchmark in R&D and serves from the individual homebuilder to the largest and most complex project with the widest range of value-adding products, innovative services and comprehensive building solutions. With a commitment to drive sustainable solutions for better building and infrastructure and to contribute to a higher quality of life, the Group is best positioned to meet the challenges of increasing urbanization.
About Inversiones Caburga Limitada
Inversiones Caburga Limitada is a company of the Hurtado Vicuña Group which is a Chilean diversified group with investments in the insurance, telecommunication and mining sectors in Chile, participating in the Chilean ready mix market through Cementos Bicentenario (BSA).