Heidelberg Materials divests its joint venture in Georgia

Heidelberg Materials has completed the divestment of its joint venture in Georgia. The company previously held a 45 per cent stake in CaucasusCement Holding BV, the parent company of HeidelbergCement Georgia Ltd and Terjola Quarry Ltd.

Heidelberg Materials sold its share to its long-term joint venture partner Cement Invest BV, an investment company jointly managed and owned by the Georgian Co-Investment Fund and Hunnewell Partners. The joint venture’s scope included two integrated cement plants, 14 ready-mixed concrete plants, and two aggregates plants.

The partners agreed to not disclose the financial terms of the transaction.