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HEIDELBERGCEMENT AG

(HEI)
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HeidelbergCement plans world's first CO2 neutral cement plant in Sweden

06/02/2021 | 03:24am EDT

* Slite site to be retrofitted by 2030

* Upgrade to cost triple digit million euro sum

* Move comes amid rising environmental pressure on companies

FRANKFURT, June 2 (Reuters) - HeidelbergCement, the world's second-largest cement maker, on Wednesday said it plans to turn its Swedish factory in Slite into the world's first CO2-neutral cement plant by 2030 via carbon capture technology.

"We want to be the pioneer on the path to CO2 neutrality in our industry," Chief Executive Dominik von Achten told Reuters. "It is important that we are not only setting decarbonisation targets but implement concrete projects and gain speed."

Following the planned retrofit, which will cost at least 100 million euros ($122 million), the plant will be able to capture up to 1.8 million tonnes of carbon dioxide per year, which corresponds to the site's total emissions.

The company's announcement comes a week after a court ordered oil major Royal Dutch Shell to drastically deepen planned greenhouse gas emission cuts, in a sign that environmental pressure on large corporations intensifies.

While HeidelbergCement will bear some of the costs for the upgrade of Slite, which accounts for about 3% of Sweden's carbon emissions, most of the money will have to come from the Swedish government, von Achten said.

With cement production being one of the heaviest emitters globally, HeidelbergCement aims to reduce CO2 emissions by nearly a third by 2025 compared with 1990 on a group level. ($1 = 0.8187 euros) (Reporting by Christoph Steitz; Editing by Riham Alkousaa and Maria Sheahan)


© Reuters 2021
Stocks mentioned in the article
ChangeLast1st jan.
HEIDELBERGCEMENT AG 0.87% 74.34 Delayed Quote.20.39%
LONDON BRENT OIL 0.87% 74.19 Delayed Quote.42.40%
ROYAL DUTCH SHELL PLC 0.22% 16.13 Real-time Quote.10.13%
WTI 0.50% 72.059 Delayed Quote.45.77%
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Financials
Sales 2021 18 496 M 21 767 M 21 767 M
Net income 2021 1 535 M 1 806 M 1 806 M
Net Debt 2021 5 650 M 6 649 M 6 649 M
P/E ratio 2021 9,59x
Yield 2021 3,37%
Capitalization 14 750 M 17 351 M 17 358 M
EV / Sales 2021 1,10x
EV / Sales 2022 1,01x
Nbr of Employees 53 122
Free-Float 74,5%
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Number of Analysts 23
Last Close Price 74,34 €
Average target price 87,95 €
Spread / Average Target 18,3%
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Managers and Directors
Ralph Dominik von Achten Chairman-Management Board
Lorenz Näger CFO, Deputy Chairman-Management Board
Fritz-Jürgen Heckmann Chairman-Supervisory Board
Dennis Lentz Director-Group Information Technology
Wolfgang Dienemann Director-Global Research & Development
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