HeidelbergCement considering selling assets in California
HeidelbergCement is considering selling assets in California. Bloomberg News reports that it is working with Morgan Stanley on a potential divestment and it hopes to raise around $1.5 billion.
It is reportedly approaching competitors including Martin Marietta Materials, Cemex, CRH, Summit Materials and LafargeHolcim, as well as companies in China and Latin America. The first bids are not expected until early 2021. The Germany-based building materials company operates three integrated cement plants in California, as part of its Lehigh Hanson subsidiary, in addition to concrete and aggregates units. Divestment of these assets would focus the company instead on markets in the East Coast, Midwest and Canadian regions of North America.In July 2020 HeidelbergCement announced that it had reduced its value of its assets by Euro3.4 billion.