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Published 2013 01 03, 12:27

Concretus Materials plans to buy Lithuania's cement manufacturer Akmenės Cementas

Lithuania's Concretus Materials is planning to buy up to 51 percent of shares in Akmenės Cementas (Akmenė Cement), the country's only cement manufacturer.
Cementas / Redo Vilimo/BFL nuotr.

On 27 December, Concretus Materials applied to the Lithuanian Competition Council for approval of the deal, the regulator said.

Concretus Materials CEO Saulius Pileckis would not comment on the details of the planned deal.

"We have no further comment in addition to the information you have from the Competition Council," he told BNS.

Pileckis is also the director of the concrete, landscaping, and reinforced concrete production group Betoneta.

Founded last September, Concretus Materials is headquartered in Vilniaus Verslo Uostas (Vilnius Business Harbor) business center.

The Mexican cement giant Cemex owns a 33.95-percent stake in Akmenės Cementas. Other shareholders included Simonas Vytis Anužis with 13.67 percent, Olius Danyla with 13.55 percent, Arnoldas Mituzas with 12.76 percent and Edmundas Montvila with 9.8 percent.

Akmenės Cementas is currently implementing its biggest-ever production modernization project, worth 350 million litas (EUR 101.45m), which involves shifting from wet to dry cement production. The company expects to complete its new technological line in mid-2013.

The cement manufacturer's annual revenue rose by 37 percent in 2011 compared with 2010 to 218 million litas, as cement sales increased by 19 percent to nearly 984,000 tons. Lithuania remained its biggest market throughout 2011, accounting for 55 percent of the total sales.

The cement factory is located in Naujoji Akmenė, in northwestern Lithuania.

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