Concretus Materials to buy majority stake in Akmenes Cementas, Lithuania

Concretus Materials to buy majority stake in Akmenes Cementas, Lithuania

Concretus Materials is to acquire a 51 per cent stake in Lithuania’s sole cement producer Akmenes Cementas.

The company applied to the Lithuanian Competition Council on 27 December for approval of the deal. Cemex currently owns a 33.95 per cent stake while other shareholders include Simonas Vytis Anuzis (13.67 per cent share), Olius Danyla (13.55 per cent), Arnoldas Mituzas (12.76 per cent) and Edmundas Montvila (9.8 per cent).

Akmenes is currently implementing its largest-ever modernisation project worth LTL350m (EUR101.45m) which involves converting from wet-process production to dry-process. Completion of the new line is scheduled for this year.