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HeidelbergCement Explores Sale Of $1.5 Bln U.S. Assets : Report

HeidelbergCement AG is exploring the sale of U.S. assets, which could fetch about $1.5 billion, Bloomberg reported citing people familiar with the matter.

The German cement maker is reportedly working with Morgan Stanley on the sale of the operations in California.

HeidelbergCement's advisers have approached competitors including LafargeHolcim Ltd, Summit Materials Inc., and Martin Marietta Materials Inc. The company expects to receive first-round bids early next year, the report said.

In July, HeidelbergCement said that it would record a 3.4 billion euros of asset impairment in the second quarter, due to Brexit and the impact of the coronavirus pandemic on its business. The company noted that about two thirds of the impairments relate to the portfolio of assets acquired as part of the Hanson acquisition, around one fifth relate to the Italcementi acquisition. Overall, around half of the impairments were attributable to assets in the U.K.

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