Cimpor to acquire 50 per cent in Ecuador state-owned plant

Cimpor to acquire 50 per cent in Ecuador state-owned plant
Published: 23 June 2009

Portuguese cement producer Cimpor will acquire 50 per cent in Ecuador state-owned cement plant Cemento Chimborazo, Ecuador’s president Rafael Correa said in his Sunday statement to citizens.

According to local press reports, Cimpor plans to invest US$80m (€57.8m) to boost Cemento Chimborazo’s production to 450,000tpa, from the current 290,000tpa.

Cemento Chimborazo is presently 95 per cent controlled by Ecuador’s state-owned bank Banco Nacional de Fomento (BNF).

After Cimpor acquires half of the unit’s capital, the remaining 50 per cent will be owned by local entities, workers at the unit and the state.