FLS Industries today (Thursday) said it had signed an agreement with Cementir SpA, the Italian cement group (CEM.MI) to sell all its shares in Aalborg Portland A/S and Unicon A/S, its two wholly-owned subsidiaries which produce and market cement and ready-mixed concrete, respectively.
The process of selling the two companies was announced and initiated at the beginning of March 2004. As a result of the sale of shares, which is being effected more quickly than expected, Cementir will takeover all Aalborg Portland’s and Unicon’s subsidiaries and participating interests in partly-owned companies.
Cementir’s aims to expand Unicon’s strong position in Northern Europe and to continue Aalborg Portland’s global white strategy in addition to strengthening its role in the production and sales of gray cement both domestically and for export.
The total selling price of the shares in the two companies has been agreed at an amount commensurate with 4.4bn kroner (US$1=DKK6.0739), free from debt. Final transfer of shares, which is subject to approval by the authorities concerned, is expected to take place later this year.