Molins agrees to buy Portugal’s cement firm Secil for $1.63bn

Portuguese conglomerate institution Semapa has agreed to merchantability its full stock superior successful cement shaper Secil to Spain’s Molins for an endeavor worth of €1.4bn ($1.63bn).

The transaction is portion of Molins’ ongoing maturation program focused connected profitability and semipermanent sustainability.

The determination expands the Spanish company’s operations successful Europe and establishes its archetypal beingness successful Brazil, which was antecedently the lone ample marketplace successful Latin America wherever Molins did not operate.

Molins CEO Marcos Cela said: “This statement is simply a cardinal milestone successful Molins’ strategy. Secil brings a coagulated planetary beingness and a beardown civilization rooted successful its family-owned concern legacy, with values that we profoundly share. Combining our strengths volition let america to turn with a much diversified and resilient profile, portion reinforcing our committedness to sustainability.

“Together we volition grow our connection of high-value, circular and low-carbon solutions for our customers, creating caller opportunities for our people. I look guardant to welcoming Secil’s 2,900 employees to Molins.”

Secil, established successful 1930, operates wrong the cement assemblage some successful Portugal and internationally.

The institution has maintained its beingness done enlargement and operational enactment successful the industry.

Semapa CEO Ricardo Pires said: “Secil is portion of Semapa’s origins and volition ever clasp a peculiar spot successful our history. I would similar to explicit my appreciation to the Secil squad for their singular travel of maturation and worth instauration implicit the past years.

“This transaction is simply a strategical measurement for the Group, enabling america to fortify our quality to invest, innovate and accelerate the strategy we person been implementing.

“We are pleased to spot Secil articulation a applicable cement radical with planetary beingness and besides owned by a household with a semipermanent vision, ensuring the company’s aboriginal development.”

The merchantability besides forms portion of Semapa’s ongoing portfolio absorption strategy designed to enactment concern diversification and prosecute semipermanent worth creation.

Semapa plans to usage proceeds from the transaction for further concern wrong its defined strategical model and to fortify its presumption crossed its portfolio.

With this divestment, Semapa volition proceed to absorption connected supporting its remaining subsidiaries and seeking caller lines of growth.

The merchantability is positioned arsenic a important improvement successful Semapa’s attack to assets allocation and concern priorities.

Molins plans to money the transaction utilizing its disposable cash, on with wealth from a syndicated recognition installation and proceeds from a enslaved issue.