Deals
HeidelbergCement to Cut Jobs in Italy, Sell Belgian Assets
- German cement maker unveils plan for Italy profitability
- Savings goal from Italcementi purchase kept at EU400 million
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HeidelbergCement AG will cut jobs in Italy and sell assets in Belgium as it absorbs Italcementi SpA, which the German cement maker agreed to purchase last year.
The reorganization aimed at returning the Italian business to profitability will affect about 400 of the 2,500 positions in the country, HeidelbergCement said in a statement. Approval for the acquisition is being sought from European and U.S. regulators and the deal is expected to close in early July, it said.