HeidelbergCement optimises portfolio and improves cash generation by further reduction in Ciments du Maroc shareholding

HeidelbergCement optimises portfolio and improves cash generation by further reduction in Ciments du Maroc shareholding

(PRESS RELEASE) HEIDELBERG, 29-Nov-2019 — /EuropaWire/ — HeidelbergCement sells 3.6% of Ciments du Maroc’s share capital to certain Moroccan institutional investors through a block trade. The sale of around 0.5 million shares was sold for an aggregate amount of approximately €73 million. HeidelbergCement will retain a controlling stake of 51.0% in Ciments du Maroc and continue to fully consolidate the company following this transaction. The sale is part of its action plan to optimise its portfolio and improve cash generation.

“HeidelbergCement is fully committed to remain the long-term majority shareholder of Ciments du Maroc, a key strategic asset within the Group’s portfolio. The further reduction in shareholding is part of our action plan to optimise our portfolio and generate cash in order to speed up deleveraging. We continue to be well on track to reach our target of €1.5 billion of disposal proceeds by the end of 2020,” commented Dr. Bernd Scheifele, Chairman of the Managing Board of HeidelbergCement.

About HeidelbergCement

As one of the world’s largest integrated manufacturers of building materials, HeidelbergCement has leading market positions in aggregates, cement and ready-mixed concrete. The company employs around 57,000 people at more than 3,000 locations in around 60 countries.

For more information, please contact:

Christoph Beumelburg
Group Spokesman, Director Group Communication & Investor Relations
Tel: +49 6221 481 13249
Fax: +49 6221 481 13217
Christoph.Beumelburg@heidelbergcement.com

SOURCE: HEIDELBERGCEMENT AG