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HeidelbergCement announced this morning that they are to sell their clay and mortar company Maxit Group, to Saint Gobain for more than €2bn.
The deal will see Saint Gobain double the size of its current industrial mortars division for a price tag of €2.125bn (around £1.5bn).
Heidelberg have said they will use the revenue from the sale raised to finance the acquisition of Hanson earlier this year.
In a short statement issued by the board, the company said, “with the sale of Maxit, HeidelbergCement pursues its strategy of focusing on processing and refining of raw materials for its core products – cement and aggregates – and further downstream activities.”
