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02-18-2011, 05:48 AM
MADRID (MarketWatch) -- Mining group Anglo American PLC and building materials group Lafarge SA on Friday announced they will form a joint venture combining their cement, aggregates, ready-mixed concrete, asphalt and contracting business in the U.K. The venture will be equally-owned, led by an independent chairman and management teams drawn from both businesses, and is expected to deliver recurring synergies of at least £60 million ($96 million) a year. The combined sales of the two businesses in 2010 totaled £1.8 billion ($2.8 billion), with combined earnings before interest, taxation, depreciation and amortization of £210 million ($323 million). The groups said the venture's complementary geographical and product portfolios will create a business "optimally positioned to benefit from economic recovery." Lafarge said the deal is cash neutral and accretive to shareholders. Anglo American said it plans to divest its interest in the joint venture over time. Both Anglo American and Lafarge reported earnings on Friday as well.
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