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Goldman Sachs buys 25% stake in Hongshi Cement

By Yu Hongyan (chinadaily.com.cn)
Updated: 2008-12-15 13:10

Wall Street bank Goldman Sachs has paid $120 million for a 25 percent stake in Hongshi Cement, the biggest cement maker in China's eastern Zhejiang province, China Business News reported Monday.

Founded in 2002, Hongshi Cement is expected to notch up a sales revenue of 3 billion yuan ($438 million) this year. The company is planning to produce a total of 30-35 million tons of cement from 2007 to 2012.

In addition to its seven subsidiaries in Zhejiang, Hongshi also has operations in Yunnan, Sichuan, Jiangxi and Fujian provinces.

(For more biz stories, please visit Industries)