ADDISON FAMILY
THE ADDISON FAMILY
$250 Million
GHACEM
Wealth: INHERITANCE, CEMENT
Known For: GHACEM
OVERVIEW
In the early 1960s, a
Ghanaian entrepreneur, Dr J. A. Addison, introduced the Government of Ghana to a
Norwegian cement manufacturer, Norcem AS, with a view to setting up a small mill
to produce cement for the construction of the Tema Motorway, the Akosombo Dam
and Tema Harbour.
The plant was eventually
set up in 1967 and the capacity of the plant has been increased over time to
its present level of 2.4 million metric tonnes per annum. The ownership of the
company has changed over the years. The original ownership structure of GHACEM
was 75% Government of Ghana, 24.5% Norcem AS and 0.5% Dr Addison. In 1993, the Government sold 35% of GHACEM’s shares to Scancem (formerly Norcem AS), which
increased its share to 59.5%, leaving the government with 40% and Dr Addison
with 0.5%.
In 1999, the Heidelberg
Cement Group in Germany took over Scancem. GHACEM therefore became a subsidiary
of the Heidelberg Cement Group.
In 1997, the Ghana
government sold a further 5% of the company (an eighth of its remaining 40%
shareholding) to the workers of GHACEM and finally sold its remaining shares to Scancem in 1999.
NET
WORTH SUMMARY
The company is currently
the largest manufacturer of cement in Ghana, with a staff strength of 268.
The
Addison Family currently own 1.9% of GHACEM which has produced over 30 million metric
tonnes of cement since its foundation.
Multiwall Paper Sacks
Limited, a company belonging to Dr J.A. Addison produces the Cement
Bags used for the packaging of GHACEM Cement in Ghana.
Visibility Ratings: A
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