Australian-based buildings material maker Adelaide Brighton has shelled out $28.59 million for a 30 per cent stake in a Malaysian cement business.
The company said it expected to acquire Aalborg Portland Malaysia, which makes materials used in cement, by December 5.
The remaining 70 per cent of the company is held by Italy-based Cementir Holding, and the deal includes an agreement where Aalborg will supply Adelaide Brighton with cement materials for ten years from 2015.
Adelaide Brighton has also struck two other cement deals with Japanese suppliers for seven and ten year periods, according to AAP.
Adelaide Brighton has operations in all states and territories of Australia and employs around 1,600 people.