PARIS Jan 8 French giant Lafarge said
on Tuesday it had agreed with Elementia, an industrial
conglomerate part-owned by the world's richest man Carlos Slim,
to combine their cement assets in Mexico.
Lafarge will contribute its two plants of Vito and Tula with
a total capacity close to 1 million tonnes while Elementia will
contribute the new 1 million tonnes plant it is currently
building in central Mexico, the statement said.
The transaction, which involves no cash and is subject to
regulatory approvals, is expected to close in the second-half
2013, pursuant to the start up of the new plant of Elementia.
The new joint-venture will be 47 percent held by Lafarge and
53 percent by Elementia.
Elementia, which is eyeing a public listing in the medium
term, is 46 percent-owned by Slim's Grupo Carso,
with the remaining 54 percent held by businessman Antonio del
Valle, a majority shareholder of plastics pipe maker Mexichem
Elementia, with annual sales of around $1.2 billion, last
year launched Cementos Fortaleza, a new cement maker in a market
led by Cemex .
Fortaleza aimed to kick off operations of its $300 million
plant in the state of Hidalgo in December. Company officials
were not immediately available for an update.
Other competitors in the Mexican cement market include
Holcim Apasco, Grupo Cementos Chihuahua, Corporacion Moctezuma
and Cemento Cruz Azul.