HeidelbergCement has increased its holding in the Russian cement company CJSC Construction Materials from 51 per cent to 100 per cent. The parties have agreed not to disclose the purchase price.
"The purchase of the stake is included in the HeidelbergCement capital expenditure plan. CJSC Construction Materials, located in Sterlitamak, is the market leader in the Russian republic of Bashkortostan and one of the leading cement producers in the Wolga area with about 760 employees," Viktor Dulger, Chairman of the ProMinent Group The company has a total annual cement capacity of 1.8 million tonne and operates among others a dry process kiln meeting the highest efficiency and environmental standards in Europe.