Aalborg Portland close to sealing Belgian acquisition

Danish cement company Aalborg Portland has acquired Belgian cement company Compagnie des Ciments Belges (CCB) for DKK2.30bn (US$349.81m).

The acquisition increases Aalborg Portland's operations by 20 per cent and boosts its turnover from DKK6.5bn posted in 2015 to over DKK8bn.

Henning Brook, CFO at Aalborg Portland, states that the acquisition will only marginally affect the financial report for 2016, but that the acquisition is still pending approval from European competition authorities and the European Commission. He expects the acquisition to be completed before the end of 2016.