Votorantim acquires CCRG

Votorantim acquires CCRG
Published: 29 November 2006

Votorantim Cimentos has acquired from Koranyi Ribeiro family the 95,65% stake held by CP Cimentos in the cement company CCRG (Companhia Cimento Ribeirao Grande) in a deal worth R$425mil payable in six annual instalments.

Negotiations took three months and actually is a comeback of Companhia Cimento Ribeirao Grande Votorantim to the control of CCRG sold to CP in 2000, says Walter Schalka, president Votorantim Cimentos, that will add 900,000 mtpy to its current 30.4mil mtpy cement capacity.

The deal implies the settlement of a R$400mil debt of the Koranyi`s family holding Santo Estevao, with Votorantim, arrears that sometimes turned bitter the negotiations. CP leaked intentions to sell the stake to the group Titan, triggering a fast action of Votorantim to recover the control on CCRG solving the debt discrepancies. CP Cimento has still the cement plant Tupi and is musing what to do with it.