BZZUF - Buzzi Unicem: A Family-Owned Business With International Operations
Investment Thesis
Cement is an industry where you are geographically tied because the transportation cost of cement is very high relative to production cost. A cement plant typically starts to get non-competitive once you are getting 200-300 kilometers away from the plant. Most cement plants are geographically constrained, so they can only supply within a region and be competitive.
Buzzi Unicem ([[BZZUF]]; [[BZZUY]]) is an Italian company with international operations that produces cement, ready-mix concrete, and construction aggregates. Buzzi Unicem is controlled by the Buzzi Family, which holds approximately 59% of ordinary shares.