Anglo American plc and Lafarge SA have announced an agreement to combine their cement, aggregates, ready-mixed concrete, asphalt and contracting businesses in the United Kingdom, comprising Tarmac Limited and Lafarge Cement UK, Lafarge Aggregates and Concrete UK .
The Transaction will form a 50:50 joint venture and will create a leading UK construction materials company, with a portfolio of high quality assets drawing on the complementary geographical distribution of operations and assets, the skills of two experienced management teams and a portfolio of well-known and innovative brands. The combined sales of the two businesses in 2010 amounted to £1.8 billion ($2.8 billion), with combined EBITDA of £210 million ($323 million).
The combination is expected to deliver substantial recurring synergies of at least £60 million ($96 million) per annum. Such synergies are expected to be generated by increased operational efficiencies, improved logistics, the introduction of value-added products across a wider geographic reach and other opportunities.
The joint venture’s complementary geographical and product portfolios are also expected to create a business optimally positioned to benefit from economic recovery.
Cynthia Carroll, Chief Executive of Anglo American, said:
“We are excited to be bringing together two high quality and complementary UK businesses to create a compelling new industry proposition through which we expect to unlock significant value. While Anglo American’s objective remains to divest its interests in the joint venture over time, this transaction positions us well to maximise value.”
Bruno Lafont, Chairman and Chief Executive of Lafarge, said:
“This new leading construction materials company, built on the strengths and proud histories of two great teams, will create more value to customers, with an enhanced and larger offer of products and services. For Lafarge, this deal is cash neutral, is accretive to Lafarge shareholders and illustrates our strong commitment to the UK market.”
The joint venture will operate with its own Board of Directors led by an independent Chairman and executive management teams drawn from both businesses.
Completion of the Transaction is conditional upon regulatory approvals.
Both Lafarge UK and Tarmac UK operations will continue to operate independently until obtaining such approvals.
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