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We concluded the acquisition <br />of the cement assets of Dacotah <br />Cement during the month of <br />March. This company operates in <br />the northern part of the Mountain <br />region in the United States <br />' Sales Distribution <br />by Division <br />Following the most intense and generalized slowdown for the <br />global economy of at least the last two decades, gradual recovery <br />is expected to begin in 2002, and intensify toward the second half <br />of the year. <br />Regarding Grupo Cementos de Chihuahua's performance in <br />2001, 1 am pleased to inform the following: <br />¦ In March, through the GCC Dacotah, Inc. subsidiary, we con- <br />cluded the acquisition of the cement assets of Dacotah <br />Cement. This company operates in the northern part of the <br />Mountain region in the United States. With this investment, <br />GCC's annual cement production increased by approximately <br />950,000 metric tons. The fixed assets acquired include the <br />cement production plant located in Rapid City, South Dakota, <br />and an efficient cement distribution system consisting of five <br />terminals and two transfer stations located in South Dakota, <br />Wyoming, Nebraska and the strategic state of Colorado. <br />The price of the transaction was US$183.4 million, and <br />included assets of US$165.4 million and US$18 million in <br />working capital. The acquisition was financed through a <br />US$190 million bank loan. <br />To reduce financing costs and improve the company's long- <br />term-debt maturity profile, in November 2001, a $2,500 <br />million-peso corporate bond program was established, <br />which was rated by Standard & Poors and Fitch Mexico with <br />an AA investment grade. This reflects GCC's solid credit rat- <br />ing, as well as its leadership position in the production and <br />distribution of cement and ready-mix concrete in the mar- <br />kets it serves.