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Mexican cement maker Elementia, a firm partly owned by Mexican billionaire Carlos Slim's Grupo Carso, announced its intention to buy a 55% stake in US company Giant Cement Holding, according to a statement sent to the Mexican stock exchange.
The move will mark Elementia's debut in the US cement market, the statement read.
Giant Cement Holding is the fourth biggest cement producer on the east coast of the US, with three cement plants, nine ready mix concrete plants and two aggregates facilities.
The procedure will require approval from the relevant regulatory authorities and will be subject to the internal procedures of both companies.
Mexican conglomerate Elementia, founded in 1952, has various international operations, including production plants and warehouses in Mexico, Bolivia, Colombia, Costa Rica, Ecuador, El Salvador, Honduras and Peru. The company's business is organized into four segments: metals, construction systems, cement and plastics.
Other units of Grupo Carso infrastructure division have recently inked a series of succesful contracts in Mexico.