Elementia Enters Mexico JV

Mexico’s Elementia has agreed to put its Mexican cement assets into a JV with the Mexican assets of France’s Lafarge, the companies say. The JV is to be 53% owned by Elementia, and does not involve the transfer of any cash. The French cement company will contribute the Vito and Tula plants with a combined capacity close to 1m tons, while the Mexican building supply conglomerate will contribute the new 1m ton plant under construction in central Mexico. The transaction should close in 2H 2013. Officials at the companies were not available to comment on the agreement. Elementia has indicated that it targets an IPO in the medium term.