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Portland Valderrivas wins international weight with Lemona’s redemption of 26% of Uniland

02/25/2013 | General

The Group Cementos Portland Valderrivas (GCPV) has signed today an agreement with the Irish company CRH Construction that redeems the 98.75% of Cementos Lemona’s capital by the participation of the 26.38% of Corporación Uniland, that it didn’t controlled.

With this operation, GCPV reaches the 99.99% of its participation in Corporación Uniland, company that owns two cement plants in Catalonia (Monjos and Vallcarca, both in Barcelona) and of which depend the assets of United States and Tunisia, two markets with significant potential for growth. Uniland has three cement plants in the United States and one in Tunisia.

In addition to reinforcing its international presence, GCPV reduces its exposure to the Spanish market, which last year recorded 34% decline in cement consumption, according to Oficemen, the cement trading association. Cementos Portland Valderrivas has other three plants in the North of Spain: Olazagutia (Navarra), Mataporquera (Cantabria) and Hontoria (Palencia).

This exchange of assets generates an accounting surplus, without effect on the treasury, of around 100 million euros.

The agreement also includes the sale to CRH's cement terminal of Ipswich (Southern Cement), one of the two that Cementos Portland Valderrivas has in the United Kingdom for 22.5 million euros. This amount will entirely be used to pay the debt. The sale means a surplus of 15.6 million euros, figure that is still subject to adjustments.

GCPV keeps its access to the British market with the terminal of Sharpness (Dragon Alpha), located in Gloucestershire, in Southwest England.

Another positive aspect of the agreement is that it allows the simplification of the corporate structure of the Group once CRH will be out of Uniland's capital.

The operation, in which BBVA acted as financial advisors, has the approval of Cementos Portland Valderrivas creditor banks.

(Photo: the Plant of Enfidha in Tunisia)

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