Through its subsidiaries Ciments Français and Suez Cement Company, Italcementi has made an offer for Hilal Cement Company, which is quoted on the Kuwait stock exchange.
The offer values Hilal Cement Company at US$89m. In a country with limited clinker production, Hilal Cement Company operates two import terminals in the southern part of the country with a combined annual capacity approaching 1Mt.
Last year, Hilal Cement Company generated a turnover of approximately US$65m and an EBITDA of close to US$13.5m. The Kuwait cement market, which has started to integrate vertically, is expected to show good volume growth, suggesting further investments by Suez Cement Company.