Hanson to merge Australian cement interest

"HANSON plc have announced that Australian Cement Holdings Pty Ltd (ACH), a 50/50 joint venture between Hanson Australia Pty Ltd and CSR Ltd, is to merge with Queensland Cement Ltd, a wholly owned subsidiary of Holcim Ltd."

"The merged business will be the leading cement manufacturer in Australia with over 3 million tonnes of cement production capacity in three main plants serving eastern Australia, which represents 80% of the country’s population. Hanson and CSR will each hold a 25% interest in the merged entity, with Holcim holding 50%."

"Commenting on the transaction, Alan Murray, chief executive of Hanson plc, said: ‘Our approach to cement in each of our regions is influenced by the dynamics of the market. As a result of this merger, Hanson Australia will have a 25% interest in a significantly larger and more efficient company which will help maximize profitability.’"

"The merger is expected to be completed in the first quarter of 2003, subject to regulatory approvals."