Displaying items by tag: Kaluga

Russia: Akkermann Cement, a subsidiary of USM Holding, has acquired Kaluzhsky Tsementny Zavod (Kaluga Cement Plant) for US$111m from state development corporation VEB.RF. VEB.RF provided a loan for construction of the plant in 2011 but the borrower was acknowledged bankrupt in 2018, according to Prime News. The plant is not yet fully built, but it is anticipated that the 3.5Mt/yr facility will create 400 jobs when commissioned.

“The asset is good,” said Akkermann Cement’s managing director Alexander Ivanov. “The dry process is one of the most efficient and budget-friendly technologies for production of cement, but the conclusion of the plant’s construction will need additional investment.”

Russia: Kaluga Cement Plant has put its unfinished cement plant in Kaluga Oblast up for auction. AK & M News has reported that the auctioneer has valued the site at US$374,000, with a reserve of just US$243,000. The reason for the sale is the bankruptcy of Kaluga Cement Plant.