Titan Acquires Control of its Joint Venture in Turkey
Published by Lucy Stewardson,
Editorial Assistant
World Cement,
Titan and the Cem Sak Group have reached an agreement as part of their 50-50 joint venture, Adocim Cimento Beton Sanayi ve Ticaret A.S, which currently owns a 1.5 million tpy capacity cement plant and 0.6 million tpy capacity grinding plant.
Titan has agreed to acquire an additional 25% of Adocim, and to halt its 50% participation in the grinding plant, in order to support the Cem Sak Group. This comes at a challenging time for local industry and Titan hopes to benefit from the long term potential of the company.
Adocim's sales hit TRY 236.3 million (€57 million), earnings of TRY 44.7 million (€10.8 million) and net profit of TRY 4.1 million (€1 million) in 2017.
It is expected that the transaction will be concluded, subject to approvals by regulatory authorities, by the end of November 2018.
Read the article online at: https://www.worldcement.com/africa-middle-east/30082018/titan-acquires-control-of-its-joint-venture-in-turkey/
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