Sabeh Beton, sister company of Cimenterie Nationale, one of the three local cement producers , acquired this week the assets of Redland Ready Mix, a local producer of concrete.
Sabeh Beton is mainly owned by the Doumit and Asseily families, and will be run independently from Cimenterie Nationale.
“The acquisition included Redland’s three batching plants in Nahr el Mot, Jisr el Bacha, and Shoueifat, 27 truck mixers, and 12 truck mounted pumps, among others,” said Adib Hachem, recently appointed Chairman of Sabeh Beton.
Redland produced 360,000 cubic meters (m3) of concrete at its peak, but production gradually dropped to 230,000 m3, by 2014.
Redland is owned by Samir el Hajj and Sami Sidawi. “Due to the market contraction and for other reasons related to their own strategy, they wanted to reduce the company’s size,” said Hachem.
“Redland represents one of the largest customers we have in Greater Beirut and we could not afford to lose it or have it diminish. So we found an interest in purchasing its assets,” he said.
The value of the deal was not disclosed. This is the first asset acquisition by the two families in the local market. They had acquired a ready-mix concrete company in Homs, Syria, three years ago.
Redland has around 100 employees. Sabeh Beton plans to buy new trucks and pumps and to rehabilitate one of the batching plants.
businessnews.com.lb
18 June
