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HeidelbergCement Raises Italcementi Target as Profit Gains

  • Savings goal from Italy acquisition increased to EU400 million
  • Sees reovery in U.S., U.K; risks include unpredictable China
Updated on

HeidelbergCement AG, the world’s second-largest cement maker, raised its savings forecast from last year’s purchase of Italcementi SpA for the second time in three months after identifying new areas to reduce costs.

The target was increased by a third to 400 million euros ($447 million), three months after it was raised by 50 percent to 300 million euros, the Heidelberg, Germany-based company said in a statement on Tuesday. The cement maker agreed to buy Bergamo, Italy-based Italcementi for 3.7 billion euros in July, a response to the merger of HeidelbergCement’s two larger peers into LafargeHolcim SA and to add emerging markets in Southern Europe and Africa.