June 23, 2016 / 7:07 PM / 2 years ago

Votorantim sees no new Brazil cement projects, looking elsewhere

SAO PAULO, June 23 (Reuters) - The cement arm of Brazilian industrial conglomerate Votorantim has no plans at the moment for further investments in Brazil following the completion of a plant in the north of the country, as it looks elsewhere for opportunities, its chief executive said on Thursday.

“The (cement) factory in Primavera is the end of our Brazilian investment cycle,” Walter Dissinger, CEO of Brazil’s largest cement producer Votorantim Cimentos, said in a phone interview.

Dissinger said he is looking to expand outside Brazil, with sights on the United States, Morocco, Turkey and Bolivia.

“We are expecting the Brazilian market to contract nearly 15 percent this year, after a 10 percent fall last year,” Dissinger said, adding it was difficult to say whether the cement market would return to growth next year.

Votorantim Cimentos still plans to list on the stock market, but Dissinger said this would only happen in the medium term as the current market situation remains difficult.

The company pulled out of a $4.8 billion initial public offering in 2013 due to deteriorating market conditions. (Reporting by Alberto Alerigi; Editing by Matthew Lewis)

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