First publishedon www.AggBusiness.com
Cement and building materials producer Titan is taking a majority stake in the Turkish joint venture it operates with the Cem Sak Group.
The two companies set up Adocim Cimento Beton Sanayi ve Ticaret A.S. in 2008 as a 50-50 JV.
Adocim currently owns a modern cement plant with a production capacity of 1.5 million tonnes of cement, a grinding unit with a production capacity of 0.6 million tonnes, and three ready-mix concrete units.
Titan has reached an agreement with Turkey-based Cem Sak Group to acquire an additional 25% of Adocim, while at the same time disposing of its 50% participation in the grinding plant.
Titan says it has taken the majority stake in Adocim to support it at "a challenging juncture for the local industry and benefit from its long term potential."
In 2017, Adocim posted sales of 236.3 million Turkish lira (€57mn), EBITDA of 44.7mn TL (€10.8m) and net profıt of 4.1mn TL (€1mn).
The transaction is expected to complete in November 2018, conditional upon approvals by regulatory authorities.