HeidelbergCement to sell US assets to Cementos Argos in US$660m deal

HeidelbergCement to sell US assets to Cementos Argos in US$660m deal

HeidelbergCement has agreed to sell its plant in Martinsburg (WV), USA, and eight terminals to Cementos Argos for US$660m. The deal is subject to regulatory approval, but the Federal Trade Commission had ordered the disposal as a result of the Italcementi acquisition.

HeidelbergCement said that it expected the transaction to be completed in the fourth quarter of 2016. The deal involves the disposal of the company's Lehigh and Essroc subsidiaries.

Dr Bernd Scheifele, chairman of the Managing Board of HeidelbergCement said: “With the disposal of the Martinsburg plant we have successfully finalised our disposal programme in the context of the Italcementi acquisition.

“Together with the disposals of the non-core assets and the Belgium assets of Italcementi we have exceeded our EUR1bn target on disposal proceeds and thereby further improved the net financial position of HeidelbergCement”.