holcim-cements-position-in-australia-and-china

Holcim cements position in Australia and China

The global cement company spends $1.61 billion to buy Cemex Australia and another $234 million on shares of Huaxin China, financing the deals through a $1.8 billion rights issue.

Swiss cement company Holcim announced yesterday it will buy Cemex Australia for A$2.02 billion $1.61 million and invest Rmb1.6 billion $234 million in its Chinese affiliate Huaxin Cement, financing the combined outlay with a SFr2 billion $1.8 billion rights issue.

Cemex Australia is a unit of Mexico cement producer Cemex, which has operations in more than 50 countries around the world. It has a presence across Australia in aggregates, ready-mix concrete and concrete products with a total of 348 facilities with a strong position in Queensland, New South Wales and Victoria, as well as in Tasmania and in the Western Australian mining belt. It owns 83 aggregate quarries with reserves of aggregates estimated at...

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