São Paulo – Brazilian multinational cement maker Votorantim Cimentos signed an agreement on Friday (13) for the complete sale of its subsidiary holding assets in Morocco, an Arab country in Africa. The buyer is German company Heidelberg Materials. The value of the deal was not disclosed.
The company stated that the decision to divest in Morocco “aligns with Votorantim Cimentos’ strategy to maximize value for its shareholders and balance geographic positioning between mature and emerging markets, optimizing the risk management of the company’s consolidated portfolio.” The company operates in Brazil, Argentina, Bolivia, Canada, Spain, the United States, Turkey, Luxembourg, and Uruguay. Similarly to Morocco, the sale of assets in Tunisia was announced earlier this year.
Votorantim Cimentos’ operations continue
According to the company, the completion of this transaction, including the effective transfer of assets in the country and financial settlement, is subject to customary condition precedents, such as approval by Morocco’s competition authority. The company states that during the review process, all Votorantim Cimentos plants and offices in Morocco will continue to operate normally.
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Translated by Guilherme Miranda
