Greece-based cement maker Titan on Thursday announced that it has reached an agreement to increase its participation in a joint venture it already fields in neighboring Turkey.
The ASE-listed company noted that Adocim Cimento Beton Sanayi ve Ticaret A.S. is a 50-50-percent joint venture established between the Cem Sak group and Titan in 2008.
The Turkish joint venture currently operates a cement plant with a production capacity of 1.5 million tons of cement, a grinding unit with a production capacity of 0.6 million tons and three ready-mix concrete units.
Titan said it will acquire an additional 25 percent of Adocim, while at the same time disposing of its 50-percent participation in the grinding plant.
In 2017, Adocim posted sales of 236.3 m TL (57 million euros), EBITDA of 44.7 m TL (10.8 million euros) and net profits of 4.1 m TL (1 million euros).
The transaction is conditional upon approval by regulatory authorities and is expected to be concluded by the end of November 2018.
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