SalfaCorp buys 80% of ICEM for US$19mn

- Tuesday, May 24, 2011

SalfaCorp buys 80% of ICEM for US$19mn

Chile's largest construction firm, SalfaCorp, has completed its purchase of an 80% share in local mining engineering firm ICEM for 8.97bn pesos (US$19mn).

The company carried out the purchase through subsidiary Salfa Ingeniería y Construcción, which financed the transaction with its own funds and bank loans, the company said in a filing with securities regulator SVS.

ICEM specializes in heavy drilling for mine construction, according to the company website.

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SalfaCorp plans to invest around US$500mn in 2011, with US$150mn earmarked for acquisitions, the company announced last month.

The construction firm signed an agreement earlier this year to acquire compatriot engineering firm Tecsa. The deal was expected to close by April; however, due diligence has yet to be finalized.