24.02.2011 | Editor: Marcel Dröttboom
London, United Kindom – Anglo American and Lafarge have agreed to combine their construction materials businesses in the United Kingdom. The combined sales of these two businesses in 2010 amounted to USD 2.8 billion.
The agreement covers the company’s cement, aggregates, ready-mixed concrete, asphalt and contracting businesses in the United Kingdom, comprising Tarmac Limited and Lafarge Cement UK, and Lafarge Aggregates and Concrete UK. The Transaction will form a 50:50 joint venture and will create a major UK construction materials company, with a portfolio of high quality assets drawing on the complementary geographical distribution of operations and assets, the skills of two experienced management teams and a portfolio of well-known and innovative brands. The combined sales of these two businesses in 2010 amounted to GBP 1.8 billion (USD 2.8 billion), with combined EBITDA of GBP 210 million (USD 323 million).
The joint venture will operate with its own Board of Directors led by an independent Chairman and executive management teams drawn from both businesses. Completion of the Transaction is conditional upon regulatory approvals. Both Lafarge UK and Tarmac UK operations will continue to operate independently until obtaining such approvals.
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