Germany’s HeidelbergCement takes over Russia's CJSC Construction

German cement maker HeidelbergCement today said that it has acquired the remaining 49 per cent in Russian cement maker CJSC Construction Materials for an undisclosed sum.

Based in Sterlitamak, CJSC is the market leader in the Russian republic of Bashkortostan and is one of the leading cement producers in the Wolga area.

The company has an annual cement capacity of 1.8 million tonnes and operates, among others, a dry process kiln.

HeidelbergCement had acquired a controlling 51-per cent stake in the Russian cement company in 2010.

''The purchasing of the remaining 49 per cent in CJSC is another good example of our strategy of low risk bolt-on acquisitions,'' said Dr Bernd Scheifele, chairman of the managing board of HeidelbergCement.

''Bashkortostan is one of the richest Russian republics with mineral oil reserves and a growing industrial landscape. CJSC is a highly profitable company and the increase in our stake to 100 per cent fulfils all our investment criteria.''

Founded in 1874, HeidelbergCement is one of the largest building materials manufacturers and the global market leader in aggregates with leading positions in cement, concrete, and other downstream activities.

The Heidelberg-based company employs around 52,000 people at 2,500 locations in more than 40 countries and has an annual turnover of €14 billion.