Votorantim Cimentos commences McInnis Cement integration 03 May 2021
Votorantim Cimentos, the seventh largest cement producer in the world, and Caisse de dépôt et placement du Québec (CDPQ), a long-term institutional investor, has announced that they have completed the transaction to combine cement operations in North America.
After having obtained regulatory approval from authorities in Brazil, Canada and the United States, St Marys Cement Inc (Canada), a wholly-owned subsidiary of Votorantim Cimentos can now commence with the integration process with McInnis Cement Inc.
As part of the transaction, the parties will combine their North American assets in a jointly-held entity. Votorantim Cimentos International, the international investments platform and wholly-owned subsidiary of Votorantim Cimentos, will hold 83 per cent and CDPQ will indirectly hold 17 per cent of the shares. The business combination is expected to significantly strengthen the strategic p
Votorantim Cimentos and CDPQ Close Transaction to Combine Cement Operations in North America
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St. Marys Cement Inc. and McInnis Cement to begin jointly manufacturing, distributing and selling cement in Canada and the United States
TORONTO and MONTREAL and SÃO PAULO, Brazil, April 30, 2021 /PRNewswire/ - Votorantim Cimentos, the seventh largest cement producer in the world, and Caisse de dépôt et placement du Québec (CDPQ), a long-term institutional investor, announced today that they have completed the transaction to combine cement operations in North America. After having obtained regulatory approval from authorities in Brazil, Canada and the United States, St. Marys Cement Inc. (Canada), a wholly owned subsidiary of Votorantim Cimentos can now commence with the integration process with McInnis Cement Inc.
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Votorantim Cimentos, the seventh largest cement producer in the world, and Caisse de dépôt et placement du Québec (CDPQ), a long-term institutional investor, have announced that they have completed the transaction to combine cement operations in North America. After having obtained regulatory approval from authorities in Brazil, Canada and the United States, St. Marys Cement Inc. (Canada), a wholly owned subsidiary of Votorantim Cimentos can now commence with the integration process with McInnis Cement Inc.
As part of the transaction, the parties will combine their North American assets in a jointly-held entity. Votorantim Cimentos International, the international investments platform and wholly owned subsidiary of Votorantim Cimentos, will hold 83% and CDPQ will indirectly hold 17% of the shares. The business combination is expected to significantly strengthen the strategic positioning of the combined operations through increased cement production capacity, operat
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Votorantim Cimentos ended 2020 with global net revenue of R$16.7 billion, an increase of 29% compared to 2019. This result can be primarily explained by the increase in sales volume in Brazil, Canada and the United States, and by the positive impact of the devaluation of the real on the results of the other regions. Consolidated adjusted EBITDA (earnings before interest, taxes, depreciation and amortisation) was R$3.8 billion, an increase of 43% over the previous year, with an EBITDA margin of 22.9%, an increase of 2.4 percentage points compared to 2019. At the end of 2020, the company’s leverage (net debt/EBITDA ratio) was 1.96x, the best result in the last ten years.