Holcim purchase

Holcim purchase
Published: 13 October 2003

Holcim strengthens market presence in Eastern Mediterranean region with the takeover of Bogaz Endustri Madencilik in Northern Cyprus

In order to further strengthen the Group's market presence in the Eastern Mediterranean region, Holcim (Liban) SAL - a group company of Holcim Ltd - will be taking over Bogaz Endustri Madencilik (BEM). Located near Famagusta in Northern Cyprus, BEM operates a grinding station with an annual capacity of 0.150Mt of cement and disposes of its own pier. In 2002, BEM reported sales of US$7.2m on deliveries of 0.125Mt of cement. The company is operating at profit.

In a prepared statement, Holcim firmly believes that the construction industry in Cyprus has a strong potential thanks to projects to promote the tourist sector and expand the country's infrastructure. The acquisition of BEM will establish Holcim as market leader in the northern part of the island, opening opportunities for synergies with existing positions in the region.