MC-Bauchemie acquires majority of a company in Ethiopia
Dec 20, 2018
By the end of November 2018, an entity of the MC-Bauchemie Group acquired the majority of shares in LICON Manufacturing PLC, a manufacturer of plasters and building material products in Ethiopia, from CONMIX Ltd., a building material manufacturer from the United Arab Emirates, as well as a certain amount of shares from the minority shareholder LICA PLC.
The MC-Bauchemie Group – which has been operating in Africa with its own entities in Guinea and Ghana for several years, is thereby expanding its activities to East Africa and thus its presence on the African continent as a whole. "Ethiopia's construction industry has been growing at an above-average rate for several years," says Dr. Ekkehard zur Mühlen, Managing Director of MC-Bauchemie Müller GmbH & Co. KG: "We want to participate in this strong growth in one of the most populous African countries with our product systems and new technologies and contribute to improving the quality of construction in Ethiopia."
Lothar Hellenkamp, Chief Executive Officer of CONMIX Ltd., which sold its majority shareholding to MC-Bauchemie: "After our successful launch and development of the Company, it is unfortunately necessary to part ways. We are delighted to have found a long-term oriented buyer with MC-Bauchemie who is really interested to promote the business of LICON further, and we wish much success."
LICON Manufacturing PLC was founded in 2009 in Addis Ababa and has since been producing plasters, tile adhesives, mortar and concrete admixtures as well as repair materials for the Ethiopian construction market. The company currently employs 80 people in production, R & D, administration and sales. Lemma Teklehaimanot, representing LICA PLC which is the minority shareholder of LICON, hopes that the takeover of the majority by MC-Bauchemie will give LICON an additional boost in terms of innovation and growth: "With the gained know-how and technologies as well as product systems of MC-Bauchemie we will significantly expand LICON's business in the coming years."
Saki M. Moysidis, PR-Manager