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Votorantim and Camargo Corra enter into asset swap agreement | Companies

Votorantim Cimentos has just announced that today it has entered into an agreement with InterCement, a subsidiary of the Camargo Corra group, concerning its 21.1% stake in the Portuguese cement company Cimpor. The aim, said in a statement, is to promote a corporate reorganization of Cimpor, which will result in Votorantim's control of the assets of seven Portuguese cement companies.

In addition, the statement said, an agreement between the two shareholders of Cimpor completes the separation between Votorantim and InterCement as shareholders of cement. On Tuesday, the 19th, Camargo took over 95% of Cimpor's control through a public takeover bid (takeover bid).

According to Votorantim Cimentos, with the approval of all legal steps foreseen for this reorganization, it will also operate in the markets of Turkey, Morocco, Tunisia, India, China and Spain, adding 15 million tons to its world production capacity. With that, grow from 42 million to 57 million tons per year.

The agreement represents an important step in Votorantim Cimentos' international growth strategy of expanding its participation as a global player, said Walter Schalka, president of Votorantim Cimentos.

Among the assets to be controlled by Votorantim are 22 cement factories, 78 concrete plants, 22 aggregate plants and 6 mortar units located in these various countries. The company will also receive 3,670 employees. Based on 2011, the company would have had a 778 million euro increase in its net revenue and 152 million operating income (Ebitda), said in the note.

The company, it said, entered Cimpor's capital in 2010 with the goal of establishing a growth platform in Europe, Asia and Africa markets. With the integration of these assets, Votorantim Cimentos operates in several continents and in the most relevant consumer markets for basic building materials, becoming a global Brazilian company with operations in mature and emerging markets.