Russia: HeidelbergCement has increased its holding in the Russian cement company CJSC Construction Materials from 51% to 100%. The German cement producer did not disclose the cost of the acquisition.
"The purchasing of the remaining 49% in CJSC is another good example of our strategy of low risk bolt-on acquisitions," said Bernd Scheifele, chairman of the Managing Board of HeidelbergCement.
CJSC Construction Material, located in Sterlitamak in the Russian republic of Bashkortostan, has a cement production capacity of 1.8Mt/yr using a dry production process. It employs 760 people. HeidelbergCement acquired a 51% stake in the Russian cement company in the fourth quarter of 2010.