Cemex has unveiled a new acquisition that will expand its presence in Europe going forward.
Cemex has acquired Kiesel and its portfolio of adhesive and Mortar technolog based in Germany.
Kiesel is a well-known European manufacturer of mortars with key usage in construction projects. Kiesel has 60 years of experience with a key presence across Europe including Germany, Poland, France and the Czech Republic.
President of Cemex Europe, Middle East, Africa and Asia Sergio Menendez said it was a key investment for the company.
“We remain committed to increasing our capacity to serve growing urban markets with more sustainable and innovative solutions,” he said.
“This acquisition will enhance our Urbanization Solutions business and allow us to serve our customers better.”
Mortars are building materials that use cement to bond bricks and concrete blocks and to install different materials, such as tile and ceramic. Mortars are vital for many construction projects, especially for renovating buildings and enhancing the energy efficiency of the built environment. Cemex already provides a variety of mortars in its markets around the world as part of its urbanisation solutions business.
The company reported EBITDA growth of 26 per cent in its urbanisation solutions business and an incremental EBITDA contribution of US$46 million from growth investments and urbanisation solutions.
The deal is expected to be finalised in the fourth quarter of 2023 subject to consent from government agencies and conditions.
It comes after Cemex’s recent push in Spain which is being driven by investment in the quarry industry.