Eurocement acquires Baltsem, Ukraine

Eurocement acquires Baltsem, Ukraine
Published: 12 May 2005

The Eurocement Group (Moscow), has acquired a controlling stake in the Baltsem plant (Balakliia, Kharkiv region), one of the three major cement producers in the Ukraine.  As Ukrainian News earlier reported, Baltsem appointed Eurocement representative Viktor Khludeev to replace Serhii Lytvynenko as its supervisory board chairman.  Baltsem, which is registered as open joint-stock company, finished the year 2004 with a loss of UAH 27.3m.  Its net revenues increased by 25.1% or UAH 48.773m to UAH 243.433m in 2004, compared with 2003.