The enterprise value of the transaction amounts to about € 110 million, and HeidelbergCement expects the transaction to close in the first quarter of 2018.
“HDKS has a strong market position in the North-East and South-West of Germany as well as in Switzerland, but the focus of its product portfolio on calcium silicate units is outside the core businesses of HeidelbergCement,” says Dr Bernd Scheifele, CEO of HeidelbergCement.
“The disposal is part of our portfolio review and optimisation with the goal to generate additional cash flow in order to support our disciplined growth and increase shareholder returns.”
HDKS consists of the following indirect subsidiaries of HeidelbergCement: Heidelberger Kalksandstein, KS-Quadro Bausysteme and Hunziker Kalksandstein, together with certain properties owned by subsidiaries of Heidelberg Cement/
The business operates eight factories, seven in Germany and one in Switzerland bordering Germany and employs approximately 200 full-time employees.
Estimated 2017 sales is about € 65 million with an EBITDA margin of about 20 %.
H+H’s core activity is the manufacture and sale of autoclaved aerated concrete or aircrete, with a revenue in 2016 of DKK 1.6 billion (€210 million).
The main product is blocks used for building new houses, mainly in the low-rise segment. H+H has 13 aircrete factories in Northern and Central Europe and Northwest Russia with a total output of more than 3 million cubic m³ of aircrete/ year and is said to have a leading position in most of its markets. H+H has around 1,000 employees and is listed on Nasdaq Copenhagen, Denmark.
