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.