Votorantim Cimentos, through its Spanish subsidiary Corporación Noroeste, announced today that it has entered into an agreement for the full acquisition of Cementos Balboa, in Spain. Cementos Balboa has a modern integrated cement plant located in Alconera, in the province of Badajoz (in the Extremadura region, Southwest of Spain), with an installed production capacity of 1.6 million tonnes of cement per year.
"This transaction, which I am pleased to announce today, exemplify our growth and positioning strategy in Spain, strengthening our current footprint in the country", stated Marcelo Castelli, Global CEO of Votorantim Cimentos.
Votorantim Cimentos is an international company that operates in the segments of building materials, mining, agricultural inputs, co-processing and waste management. With 256 industrial sites worldwide, the company's installed production capacity was 53 million tons of cement at the end of 2020. The company has been in Spain since 2012 and currently operates four integrated cement plants, two cement mills, one mortar plant and several concrete and aggregates plants, located in the regions of Andalusia, Canary Islands, Castille and León, Extremadura and Galicia.
The transaction remains subject to customary closing conditions, including the approval by regulatory authorities in Spain. The two companies will continue to operate as separate businesses pending the closing of the transaction.
In April, Votorantim Cimentos and the long-term institutional investor Caisse de dépot et placement du Québec (CDPQ) announced the conclusion of the transaction to combine their cement operations in North America. This transaction will significantly strengthen the company's position in Canada and the United States.
