Italcementi consolidates its position in Kuwait
At yesterday’s annual general meeting, Italcementi announced the acquisition of two further ready-mixed concrete businesses in Kuwait for a total of approximately US$30m. These are Gulf Ready Mix, with a sales volume of some 0.20m m³ in 2007, and Al Mahaliya, which sold 0.33Mm³ last year.
With an earlier finalised in March, that of Kuwait German Company for Ready Mix Concrete, Italcementi now has a share of around 15% of the Kuwaiti ready-mixed concrete market, making it the largest participant, with an annual volume of around 0.70Mm³.
Including its cement business, Italcementi’s operations in the emirate now represent an annual turnover of some US$130m and an EBITDA in the region of EUR14m.
Published under Cement News
