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SigmaRoc to take full control of CDH business as it pursues growth strategy in Belgian aggregates market
StockMarketWire.com
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Construction materials company SigmaRoc has entered into an agreement to assume control of LafargeHolcim's quarrying operations, co-located at the group's Carrieres du Hainaut (CDH) Belgian business, as it eyes Benelux market.
The agreement will give the group full control over CDH's production assets, which SigmaRoc said will put it 'in a far stronger position commercially and operationally to pursue its growth strategy in the Belgian aggregates market as a large scale supplier'.
From 1 April 2021, under the terms of the agreement, SigmaRoc will take over all of LafargeHolcim's production installations located at CDH for nil consideration.
The group has agreed to supply LafargeHolcim Belgium with a minimum of 1.5 million tonnes of aggregates per year until 31 December 2024.
SigmaRoc also announced the launch of a new brand for its quarrying operations, Granulats du Hainaut, with the new operations forming part of a larger network of quarries in Belgium, including its three existing Stone Holdings S.A. sites, taking total European production volume to approximately 2 million tonnes per year.
SigmaRoc chief executive Max Vermorken said: 'When we acquired CDH, we saw the potential to unlock significant added value from the legacy arrangements with LafargeHolcim.
'With the assumption of control over the aggregate production assets, we get one step closer to fully benefitting from the potential CDH has to offer and this intermediary step will allow us to be well prepared to establish ourselves as a major supplier of aggregates in the Benelux market by the end of 2024.'
At 2:15pm: (LON:SRC) SigmaRoc Plc share price was 0p at 49.5p
Story provided by StockMarketWire.com
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