Swiss cement-maker Holcim will receive US$650 million in compensation from Venezuela for the nationalization of its subsidiary in the Latin American country.
Swiss cement-maker Holcim says it will receive US$650 million in compensation from Venezuela for the nationalization of its subsidiary in the Latin American country.
Holcim Group says the agreement signed with Venezuela includes the suspension of an arbitration case before an international tribunal.
The company said in a statement Monday that it has received a first payment of $260 million and expects to receive the remaining $390 million in four equal yearly installments.
Venezuela last year nationalized the local subsidiaries of French cement-maker Lafarge SA, Mexico’s Cemex SAB and Holcim.
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