HeidelbergCement announces that its subsidiary Lehigh Cement Company LLC has signed an agreement to sell its 51 per cent position in Lehigh White Cement Company to the minority shareholders Aalborg Cement Company Inc and Cemex Inc. The enterprise value of the transaction amounts to about US$140m. Closing of the transaction is subject to customary conditions and is expected during the first quarter 2018.

“As a niche product with small volumes, the standalone production of white cement does not fit to the strategic focus on efficiency of HeidelbergCement,” said Dr Bernd Scheifele, chairman of the Managing Board of HeidelbergCement. “The disposal is part of our global portfolio review and optimisation with the goal to generate additional cash flow in order to support our disciplined growth and increase shareholder returns.”

Lehigh White Cement Company operates two plants in Waco, Texas, and York, Pennsylvania, with a combined production capacity of 0.255Mta.