BRC Cement to define local partner at auction

Tuesday, July 27, 2010

US cement group BRC Cement aims to establish a local partner through an auction to be held on August 9, news service Agencia Estado reported.

The company intends to sell a majority stake to a partner, after which it will hold an initial public offering.

Possible investors will include the cement arms of Brazilian companies Votorantim and Camargo Correa, local steelmaker CSN, two foreign private equity funds and a foreign pension fund, according to the report.

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BRC is currently building a 700mn-real (US$395mn) cement plant in Mato Grosso state's Rosario Oeste municipality, with a production capacity of 2Mt/y.

The US firm is also planning to build another three facilities with capacity of 2Mt/y apiece, giving the company an overall capacity of 8Mt/y within five years.

BRC aims to reach annual revenue of 3bn reais by 2014, according to the report.