HeidelbergCement’s US subsidiary Lehigh Cement Company together with Glens Falls Cement Co, Inc, a subsidiary of the American joint company of Buzzi Unicem S.p.A. and Dyckerhoff AG, have reached an agreement in principle that the participation of Buzzi/Dyckerhoff in the joint venture “Glens Falls Lehigh Cement Company“ will be acquired by Lehigh Cement Company. The transaction, which is expected to be completed in early 2005, is subject to regulatory approval and approval by the respective boards. It is understood the price paid is in the order of US$50m.
The Glens Falls Lehigh Cement Company is a 50% - 50% partnership established in 1999 between group companies of HeidelbergCement AG and Dyckerhoff AG. Its principal facilities include the cement plant in Glens Falls/NY, a grinding facility in Greene County/NY, an import terminal in Providence/RI and terminals in Wilmington/MA and near Syracuse/NY. The partnership currently provides cement and ground slag to customers throughout upstate New York and New England.