FLSmidth to achieve BBBEE status in South Africa

FLSmidth to achieve BBBEE status in South Africa
Published: 20 September 2010

FLSmidth has signed an agreement to acquire the majority ownership of Roymec (Pty) Limited, located north of Johannesburg, South Africa. Roymec is an accredited contributor under South Africa’s Broad-Based Black Economic Empowerment (BBBEE) Act and is in line with the ownership requirements.
 
FLSmidth will acquire 74% of the company share capital for a total price of DKK 142m. The remaining 26% is held by Tamela Roymec SPV (Pty). Roymec’s revenue in 2009 was DKK 438m and the company’s earnings meet the FLSmidth Group’s general earnings requirements.