HeidelbergCement raises synergies target from Italcementi acquisition, Egypt gives bigger presence

HeidelbergCement raised its target for synergies from its USD 4 bn takeover of Italcementi for the third time in less than a year, Reuters reports. “Italcementi gave HeidelbergCement a bigger presence in several markets, including Egypt, where it saw significant savings ‘due to the realization of synergies and the adjustment of the fuel-mix due to the commissioning of a new coal mill.’” HeidelbergCement now expects cost savings from the acquisition to reach EUR 550 mn by 2018’s end.