Business News

Salonit Sells Stake in Joint Venture to Swisspor

Anhovo, 03 September (STA) - Cement maker Salonit Anhovo sold on Wednesday its 49% stake in fibre cement roofing maker Esal to Swiss FibreCem Holding, which is a part of insulation and roofing maker Swisspor.

Salonit Anhovo said that FibreCem now controls 100% of Esal, which was set up in 1998 as a joint venture between FibreCem and Salonit and employs some 100 people. It posted a EUR 1.3m loss last year.

The value of the transaction was not revealed. FibreCem intends to simplify company management, the press release also said.

Salonit will now only concentrate on its core activity - cement. However, it will remain a strategic partner and supplier to Esal.

FibreCem is a part of the Swisspor group, one of the leading construction material makers in Europe. The group that employs 3,000 people specialises above all in insulation systems, roofing and facade materials.

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