Germany’s Biggest Cement Maker Expands to Georgia

Germany’s biggest cement maker HeidelbergCement said on November 23 it has set up a joint venture with Chemexim International Ltd to operate Georgia’s largest cement company Saqcementi, which is part of the Georgian Industrial Group.

HeidelbergCement will hold 75% of shares in the venture while Chemexim International Ltd. will control the remaining 25%.

The move signaled HeidelbergCement’s expanding interests in Georgia after it bought 51% of shares in the Georgian cement company Kartuli Tsementi in May, 2006.

“We want to benefit from the growth potential of the Caucasian market and establish a strong market position in this region”, Bernd Scheifele, Chairman of the Managing Board of HeidelbergCement, said.

Saqcementi is the market leader in Georgia with a share of around 60% and, in addition, supplies neighboring Azerbaijan (20% market share) and Armenia. 

This post is also available in: ქართული (Georgian) Русский (Russian)