In 2017 the GCF and Hunnewell Partners jointly acquired 50% voting rights in the Georgian business of HeidelbergCement Group.
The new joint venture operates: three integrated cement plants in central and eastern Georgia; a cement grinding facility and a cement terminal on the Black Sea coast; a network of thirteen ready-mixed concrete plants; and, two aggregate pits. Annual production capacity of the cement plants exceeds two million tons.
Over the next five years the JV is planning to invest around $100 million (US) in capacity modernization and ready-mix concrete expansion projects. Within this programme, major capital investment involves upgrading Kaspi plant production from wet to dry process. The dry process project will be completed in 2019 and cut energy consumption in half.