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HeidelbergCement Sells 50% of Its Business in Georgia

HeidelbergCement company has sold a 50% stake in its business in Georgia to Cement Invest. The latter is owned by Co-Investment Fund and Hunnewell Partners.

The deal amount marked 115mln EUR. The company press-release reads that the deal is to write off the debt of HeidelbergCement.

The company hopes for successful cooperation with Cement Invest to use opportunities of Partnership Fund and Hunnewell. The company supervisory board chairman Ben Shifel noted that Kaspi cement plant re-equipment will enhance the company’s competitive capacity.

It should be noted that Kaspi Cement plant will finish construction of a new furnace at the end of 2018.

Hunnewell Partners also manages assets of the Patarkatsishvilis.