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EBRD and Carmeuse cement partnership for eastern Europe
Up to €17 million to help Belgian lime company expand in region
EBRD finance is helping Belgium’s Carmeuse Group, one of the world’s largest producers of lime, acquire a business in Romania and set the stage for expansion across central and eastern Europe.
The Bank is investing up to €10 million for a 25 per cent stake in Carmeuse Eastern Europe, a holding company created to consolidate and operate Carmeuse’s existing three businesses in Romania. The capital will help the new company acquire Var Fieni, a lime facility in Romania, from Germany’s HeidelbergCement. The Bank will also invest up to €10 million to help Carmeuse Eastern Europe expand its business elsewhere in the region through acquisitions or start-ups. The combined figure will not exceed €17 million.
Olivier Descamps, Business Group Director for Southern and Eastern Europe at the EBRD, said the Bank's involvement and support to Carmeuse will help the company promote competition in lime production and support local economies through investment and job creation. The project is also likely to benefit other local industries that rely on lime, such as steel, pulp and paper, construction, and agriculture by securing a reliable source of high-quality lime.
Established in 1860, Carmeuse operates in Africa, Europe and North America, and employs more than 3,700 staff globally. Rodophe Collinet, CEO and Chairman of the Board of Carmeuse, said this partnership is important for Carmeuse, the EBRD and the region. “Today we have a strong partner who knows this region very well, and a strong team at Carmeuse determined to build on our investments in this part of the world,” he said. “By working together, we aim to become a stronger company in eastern Europe that we hope will benefit Carmeuse and the region.”
The EBRD is the largest investor in entral and eastern Europe and the Commonwealth of Independent States.
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