BERLIN, Nov 30 (Reuters): Heidelberg Materials has struck a deal to buy US-based Giant Cement Holding and its subsidiaries for $600 million, it said on Thursday, the latest acquisition by the German cement maker to expand its foothold in the United States.
Heidelberg Materials, the world's second-largest cement maker, and larger peer Holcim have both been singling out the US market as a place to grow aggressively, banking on what they say will be prolonged construction activity due to infrastructure projects and economic stimulus.
Shares of European construction firms have risen on hopes that Donald Trump's presidency could be positive for construction activity in the United States.
"The acquisition ... will further strengthen our cement footprint in the growing Southeastern U.S. and New England markets," said Chris Ward, CEO of Heidelberg Materials North America.
Heidelberg expands US presence with $600m deal
FE Team | Published: November 30, 2024 21:50:24
Heidelberg expands US presence with $600m deal
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