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FLSmidth Company Announcements

Atlas Cement sells stake in subsidiary Union Cement Holding

13.08.2004
Atlas Cement, a Philippine company which is 27 percent-owned by FLS Industries, has just signed an agreement to sell its 29 percent shareholding in Union Cement Holding to Cemco for an amount of USD 125m. Union Cement Holding operates two cement plants on the island of Luzon and a plant situated in the southern part of the island of Mindanao. Having acquired Atlas Cement's stake in Union Cement Holding, Cemco, a member of the Swiss-based Holcim Group, will become a 100 percent owner of the company.

It should be noted that FLS Industries' share of the proceeds deriving from Atlas Cement's sale of its shares in Union Cement Holding, equivalent to approximately DKK 100m, are included in the FLS Group's earnings (EBT) forecast for this year. The share of the proceeds will be reflected in the consolidated profit and loss account under the heading of "Share of earnings before tax of associated undertakings".

The FLS Industries shareholders' equity will be improved by approximately DKK 80m.

FLS Industries A/S
Corporate Public Relations