Cintac, a subsidiary of Chilean mining and steelmaking group CAP, announced it has acquired civil constructional materials manufacturer Calaminon for $40 million, the CAP group said.
Cintac already operates in Peru through tubemaker Tupemesa. Under the terms of the acquisition, Cintac now owns 70 percent of Calaminon. The acquisition was made through Cintac’s investment arm company in Peru, Steel Building.
Cintac announced in early 2017 it would invest $10 million to build a galvanizing plant in Peru. Calaminon owns several companies, including a steel framing producer, and Tubos SAC, a structural tubes producer.