SigmaRoc signs JV agreement with major French construction firm
(SRC ) has signed a JV agreement with major Calais-based high grade limestone and construction materials firm, Carrières du Boulonnais ('CB'), part of Groupe Carrières du Boulonnais, which has become a 25% shareholder in Granulats du Hainaut ('GduH'),
The joint venture will aim to expand GduH, SigmaRoc's Benelux production and distribution subsidiary, into a Benelux and Northern France wide supplier of limestone products.
As a shareholder, CB will assist in the development of GduH from a financial and technical perspective and materially increase GduH's market presence in these target markets.
As a result of the joint venture agreement, it is expected the target footprint for GduH's activities will reach beyond Belgium and into Northern France, SigmaRoc told investors.
As part of the joint venture agreement, CB has agreed to co-fund the new crushing and screening installations planned to be built by 2024 at GduH's aggregates operations at Carrières du Hainaut. Meanwhile, SigmaRoc said CB will also lend its ‘vast technical expertise’ in the sector to optimally set up the new installations and their product offering.
As a result, GduH will be able to start servicing the Benelux and Northern French markets and, following the expiry of its existing agreement to supply LafargeHolcim in 2024, the subsidiary will be able supply over two million tonnes of virgin construction aggregates per year. SigmaRoc said this will make GduH ‘one of the largest suppliers in the region.’
Shares in SigmaRoc have increased by over 50% in value since the beginning of 2021. The stock was trading 1.08% higher this morning at 94p following the announcement.
CB is part of Groupe Carrières du Boulonnais ('Groupe CB'), a major independent supplier of construction aggregates and high grade limestone products which operates a large network of quarries and concrete plants across France and has a further presence in 30 countries.
"It is a real privilege to sign a Joint Venture agreement with a quarried materials group of the renown of Groupe CB,” said Max Vermorken, Chief Executive Officer of SigmaRoc.
He said, “Our collaboration is strategically, technically and financially a major step forward as we build our footprint in the Benelux and North French markets. We thank Groupe CB for their confidence in SigmaRoc and aim to make our collaboration a real success.
"We are very proud to become part of SigmaRoc development in Continental Europe. Groupe CB is honoured by the trust and confidence SigmaRoc is showing us through this onboarding for the development of Soignies site, which is a site for which we share the same ambitions.
The great quality of the knowhow we have found in Sigmaroc's teams is expected to put all of us on the track of success,” added Gilles Poulain, Chief Executive Officer of Groupe CB.
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