Cimpor to spend EUR 130m on acquisitions in 2005

Cimpor to spend EUR 130m on acquisitions in 2005
Published: 03 June 2005

Portuguese cement producer Cimpor plans to spend close to EUR130m  (US$159.71m) on various acquisition in 2005.
 
The company is currently studying the opportunities to make acquisitions on the international market, Cimpor chief financial officer (CFO), Manuel Faria Blanc, said. 
 
Faria Blanc projected the company’s turnover to increase by some five per cent YoY in 2005. Cimpor registered a turnover of EUR1.389bn (US$1.706bn) for its activities in 2004. 
 
The 2004 profit of the company grew by 35 per cent to EUR 255m (US$313.27m), due to the introduction and application of the international accounting standards IAS/IFRS in Portugal at the beginning of 2005.