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Displaying items by tag: Giant Cement
Cementos Portland Valderrivas board approves sale of Giant Cement Holding to Elementia
31 October 2016US: The board of Cementos Portland Valderrivas (CPV) has approved the sale of a 55% stake in its US subsidiary Giant Cement Holding to Elementia. The deal includes a US$220m capital increase in Giant Cement with subscription rights granted to Elementia, according to SeeNews. Elementia will also extend a loan of around US$305m to Giant Cement. In addition CPV will transfer up to US$66m in loans to Giant Cement to keep its remaining stake in the American cement producer at 45%.
Elementia to buy 55% stake in Giant Cement Holding
14 October 2016US: Elementia has signed a letter of intent with Cementos Portland Valderrivas to buy 55% of Giant Cement Holding for an undisclosed value. Giant Cement Holding is a US cement producer with operations on the east coast that includes three cement plants, three limestone quarries, two aggregate quarries, six terminals and four waste handling facilities.
In a statement Elementia said that the acquisition would grant it access to the third-largest cement market in the world. The acquisition is subject to obtaining all applicable regulatory approvals and the completion of the internal processes by both companies.