Swiss Company Invests over €60mln in Azerbaijan’s Cement Production

Business Materials 20 October 2008 14:08 (UTC +04:00)

Azerbaijan, Baku, 20 October/ Trend , corr S. Babayeva/ "The Swiss Holcim Group has invested over €60mln in the cement production in Azerbaijan," said Horia Adrian, general director of Garadagh Cement whose major stockholder is Holcim Group.

"Holcim is one of the largest investors in non-oil sector of Azerbaijan," Adrian said.

The Swiss company plans to invest €300mln in expanding capacity of the cement plant until 2011, great part of which will be invested by Holcim.

The Swiss Holcim privatized Garadagh Cement in 1999. Holcim holds 69.4% of Garadagh Cement stocks, European Bank for Reconstruction and Development - 10%, Azerbaijan Investment Company - 10% and the remaining 10.6% - small shareholders.

Garadagh Cement joint stock company is the only producer of clinker and cement on its basis in Azerbaijan. The company holds 43% of the market. The annual cement production of the company makes up almost total capacity of 1.3mln tons.

According to estimations of Garadagh Cement, demand for cement in Azerbaijan totals to 4.3mln.

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