October 26, 2018 / 11:52 AM / 20 days ago

Intercement to sell all Portugal, Cape Verde units to Turkey's OYAK

LISBON, Oct 26 (Reuters) - Brazil’s Intercement said on Friday it agreed to sell all of its units in Portugal and Cape Verde operating under Intercement and Cimpor brands to Turkey’s OYAK Cement for an undisclosed amount as it seeks to reduce its debt.

The deal covers three cement factories, two mills and other assets, it said.

“This transaction is part the debt reduction plan previously announced by Intercement and Cimpor in response to an adverse market context in south America, particularly Brazil,” Intercement said in a statement. Intercement, owned by Brazil’s Camargo Correa conglomerate, bought Portugal’s Cimpor in 2012. (Reporting By Andrei Khalip)

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