As part of its international expansion strategy, Arabian Cement Company's Board of Directors has unanimously approved a joint venture with Cementos Relampago, an affiliate of Cementos La Union (ACC’s majority shareholder), to establish a cement grinding facility in Northwest Brazil with a total production capacity of 230,000 tons per year.
"As a leading cement manufacturer in Egypt, Arabian Cement Company is keen to explore new opportunities to expand our operations on locally, regionally and globally," said Jose Maria Magrina, CEO of ACC. “Our new facility in Brazil will establish our presence as an industry leader in one of the hub markets of Latin America."
Total investment in the new project is approximately EUR 23 million, 50% of which will be financed with the remaining provided as paid-in capital. ACC’s contribution is EUR 7 million, representing 60% of the total paid-in capital.
