Peruvian cement producer Union Andina de Cementos SAA (UNACEM) confirmed that it has completed the purchase of Lafarge’s cement operations in Ecuador.

"We are pleased with the closing of the transaction, which represents an important step in our growth strategy,” Carlos Ugás, managing director of Unacem.

The company closed the acquisition, initially announced in May this year, for approximately US$517m, according to local press reports.

The deal involves the purchase of a 1.4Mta cement works located in Otavalo, in the north of Ecuador.