| Holcim signed a basic agreement in connection with the nationalization of its Venezuelan Group company |
August 19, 2008
- In April 2008, the Venezuelan government announced the nationalization of at least 60 percent of all foreign cement producers operating in the country. On June 18, the respective decree has been published.
On August 18, a basic agreement was signed between the Venezuelan government and Holcim. This agreement stipulates that the State of Venezuela will purchase 85 percent of Holcim Venezuela and the Holcim Group will keep a stake of 15 percent. The two parties also reached an agreement in principle on the compensation which is subject to a financial due diligence. The final contract should be prepared and signed in the following weeks. In the negotiations, Holcim was determined to safeguard the interests of Holcim and its local employees in accordance with the bilateral investment protection agreements in place between Switzerland and Venezuela. In 2007, Holcim Venezuela reported net sales of approximately USD 200 million, accounting for approximately 1 percent of Group turnover. * * * * * * * Holcim is one of the world's leading suppliers of cement and aggregates (crushed stone, gravel and sand) as well as further activities such as ready-mix concrete and asphalt including services. The Group holds majority and minority interests in more than 70 countries on all continents. * * * * * * * This media release is also available in German. * * * * * * * Corporate Communications: Tel. +41 58 858 87 10 Investor Relations: Tel. +41 58 858 87 87 |
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