Displaying items by tag: Cementos La Union

Chile: Unacem has completed its acquisition of Spain-based Cementos La Unión’s Chilean cement business. The value of the asset, including assumed debts, was US$23m. The business consists of the 0.3t/yr San Antonio grinding plant and two ready-mix concrete plants with a total capacity of 336,000m² /yr.

Peru: Unión Andina de Cementos’ (UNACEM) income fell by 14% year-on-year to US$467m in 2020 from US$546m in 2019. Cement despatches dropped by 16% to 4.46Mt from 5.32Mt. Its profit decreased to US$8.33m from US$96m. The cement producer attributed the reduction in sales and profits due to the country’s coronavirus-related lockdown from March to May 2020. In December 2020 it agreed to buy Chile-based Cementos La Unión Chile for US$23m. The deal includes the 0.3Mt/yr San Antonio grinding plant and a concrete plant.

Chile: Peru-based Unión Andina de Cementos (Unacem) has signed a contract with Inversiones Mel 20 Limitada and Spain-based Cementos La Unión for the acquisition of the latter’s Chilean subsidiary Cementos La Unión Chile. Diario Financiero News has reported that the company operates the 300,000t/yr San Antonio grinding plant and a concrete plant. The value of the deal is US$23m. The agreement is subject to approval by local regulators.

Egypt: The US-based International Centre for Settlement of Investment Disputes (ICSID) has ruled in favour of the Egyptian government in a compensation case raised by Spain-based Cementos La Unión concerning its Arabian Cement Company (ACC) subsidiary. The El Economista newspaper has reported that the company sought US$286m in compensation, due to the Egyptian government’s decision to retroactively impose new activity and electricity licences shortly after ACC built a new integrated cement plant in Suez Governorate. Cementos La Unión argued that the additional licences breached a bilateral agreement between Spain and Egypt covering investments that were already in place.

The company said that it will continue to pursue its claim, which is also progressing in Egypt.