The Irish Independent is reporting that CRH and Eren Holdings have sold their joint venture project, Denizli Cimento, to OYAK. OYAK is the largest cement producer in Turkey.
Last month, we reported that the JV partners had applied to Turkey’s competition regulator to sell the cement plant, which has a capacity of 2.5 million tpa. If true, the latest report would suggest that the acquisition was allowed and has gone through successfully. There are no statements on any of the parties’ websites.
CRH has been streamlining its portfolio of late, with a string of disposals and acquisitions that ‘provide focus to [its] future acquisition strategy to establish leading positions in markets that offer the most attractive future returns and growth in the cycle ahead’.
With a capacity of 17.5 million t, OYAK Cement has a 17% market share in Turkey.
Both CHR and OYAK have been named as potential buyers of assets resulting from the LafargeHolcim merger.
Edited from various sources by Katherine Guenioui
Read the article online at: https://www.worldcement.com/europe-cis/17112014/reports-suggest-oyak-has-purchased-denizli-cimento-865/