HeidelbergCement to sell building materials business

German cement maker HeidelbergCement will dispose of its bricks and building materials business, and has already contacted several banks about the deal, the Financial Times reported. The paper advised that HeidelbergCement's CEO, Bernd Scheifele, had been planning on conducting the sale for a long time.

The division is expected to be sold for a sum of between US$1.5bn-2bn (EUR1.1-1.5bn). In the last business year, the unit to be sold saw its revenue drop by a tenth to EUR1.1bn.