Brazilian group Camargo Corrêa has set up a stake-holding company called InterCement to manage the cement businesses that had so far been part of Camargo Corrêa Cimentos, the group said Tuesday in a statement published on its website.
The name change aims to make the brand known outside Brazil and InterCement starts operating with 16 factories, 5,000 employees, operations in Brazil, Argentina Angola and Paraguay, as well as owning a 33 percent stake in Portugal’s Cimpor – Cimentos de Portugal.
According to the statement, “the new identity reflects the idea of internationalisation and a capacity to unite people and cultures, represented by a new word, created by combining “inter” (link, union) and cement.”
As part of its internationalisation strategy, Camargo Corrêa Cimentos acquired stakes in 2010 in a Mozambican producer and in partners in Paraguay and Angola.
Last year it also bought a 33 percent stake in Cimpor, during a dispute for control of Cimpor in which Brazil’s Companhia Siderúrgica Nacional (CSN) put forward a takeover bid that was defeated. Camargo Côrrea and its partner Votorantim together own 53 percent of the Portuguese cement group.
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