By Max Clarke
Mining conglomerate Anglo American Plc (LSE: AAL; JSE: ANGLO) posted its end of year results for 2010. The results showed the highest increase in operating profit and gross revenue ever to be posted in the company’s 12 year history: operating profit doubled to $9.8 billion, with a gross revenue of nearly $33 billion- up from $25 billion for 2009.
The company today also posted details of the merging of Anglo American plc and Lafarge SA, announcing their agreement to combine their cement, aggregates, ready-mixed concrete, asphalt and contracting businesses in the United Kingdom, comprising Tarmac Limited and Lafarge Cement UK, Lafarge Aggregates and Concrete UK.
The Transaction will form a 50:50 joint venture and will create a leading UK construction materials company, with a portfolio of high quality assets drawing on the complementary geographical distribution of operations and assets, the skills of two experienced management teams and a portfolio of well-known and innovative brands. The combined sales of these two businesses in 2010 amounted to £1.8 billion ($2.8 billion), with combined EBITDA of £210 million ($323 million).