Brazil CP Cimentos Seeks financial equilibrium with CCRG sale

Brazil CP Cimentos Seeks financial equilibrium with CCRG sale
Published: 30 November 2006

With the sale of local sector company Companhia de Cimento Ribeirao Grande (CCRG), which was finalised on November 27, 2006, Brazil’s cement company CP Cimentos, aims to reestablish its financial equilibrium, CP Cimentos said on November 28, 2006. 
 
Despite the sale, CP Cimentos will continue operating in Brazil’s cement segment via its controlled company Cimento Tupi. Cimento Tupi has an annual capacity of 2.4 million tonnes of cement and operates three industrial units - in Volta Redonda, in Pedra de Sino and in Mogi das Cruzes, respectively located in the southeastern states Sao Paulo, Rio de Janeiro state and Minas Gerais. 
 
CCRG was repurchased by Votorantim Cimentos, the cement arm of Brazilian industrial group Votorantim, for a total 425 mln Brazilian reais ($194.9 mln/148 mln euro). 
 
Votorantim Cimentos sold CCRG to CP Cimentos in January 2000.