TITAN Group has finalised its acquisition of Traçim Cement, which will give it a significant asset in the greater Istanbul market.
The deal was first announced on December 11, but Titan Group has now received all customary approvals for the acquisition of 100 per cent of Traçim Cement.
The acquisition includes several operational assets, including a fully integrated cement plant with an annual capacity of 2.5 million tonnes of cement. TITAN Group also highlighted that Traçim has rights to a permit for a second integrated production line, adding a further 2.5 million tonnes of cement capacity, which will make it the TITAN Group’s largest cement production plant.
“This acquisition is fully aligned with TITAN Forward 2029 strategy, enabling us to advance our existing core heavy materials business and continue achieving top of class returns of capital,” TITAN Group executive committee chairman Marcel Cobuz said.
“Istanbul is a vibrant market, and we commit investments in upgrading the plant, its power sources as well as capacities development.”
TITAN Group also confirmed a deal has been struck with Caba Energy Group over a joint venture in a 100MW solar power project already under construction. TITAN will invest €34 million for its 50 per cent share.
