Holcim hopes Venezuela nationalisation talks please both sides

Holcim hopes Venezuela nationalisation talks please both sides
Published: 09 April 2008

Holcim said on Tuesday it hopes talks with the Venezuelan government over plans to nationalise the cement industry satisfy both sides. 
 
Venezuela’s President Hugo Chavez announced last Thursday that he wanted to nationalise cement companies operating in the country, which also includes Mexico’s Cemex and France’s Lafarge. 
 
"In the course of the forthcoming negotiations, Holcim will endeavour to find a solution that is satisfactory to both sides," the company said in a statement. 
 
It added that it remains "determined to safeguard the interests of the Venezeulan group company and its employees." 
 
Holcim Venezuela operates two cement plants in Puerto Cumarebo and San Sebastián with an annual capacity of 2.9Mt of cement and, on the request of the Venezuelan government, has for some considerable time been producing exclusively for the domestic market. The company also has ready-mix concrete facilities and aggregates plants. In 2007, Holcim Venezuela with its 774-strong workforce recorded net sales of approximately USD200m, accounting for approximately one per cent of Group turnover.