Anglo American complete exit from Tarmac
Mining firm’s interests in Tarmac Middle East businesses sold to Colas for undisclosed sum
ANGLO American have announced the completion of the exit from their Tarmac joint venture with the sale of assets in the Middle East to Colas Moyen Orient SAS, a subsidiary of the road and transport infrastructure construction company Colas SA, who are part of the French engineering and construction group Bouygues.
The lengthy transaction process, the terms of which have not been disclosed, began after the mining firm sold its 50% ownership interest in Lafarge Tarmac to Lafarge in July 2015.
Colas have acquired the stakes previously held by Anglo American either directly or indirectly in the capital of six jointly owned or operated companies which, historically, operated under the Tarmac name in the United Arab Emirates, Oman and Qatar.
The sale of another non-operating joint venture entity in Oman is also pending, subject to the satisfaction of certain outstanding conditions.
Specializing in the production of construction materials (aggregates and asphalt) and in road construction, the jointly owned or operated companies are held with a number of major, high-profile partners (Al Futtaim, Al Zawawi and Midmac) in each of the respective jurisdictions.
Combined, the companies employ some 900 staff and produce 7.5 million tonnes of aggregates and 1.6 million tonnes of asphalt per annum via three quarries and 10 asphalt plants. Global revenue totals approximately €150 million, of which Colas’ share will amount to €80 million.
A spokesperson for Colas said the acquisitions were a clear illustration of the company’s development strategy in the Middle East.