TITAN acquires control of its joint venture in Turkey

Titan has reached an agreement to increase its participation in its joint venture in Turkey.

Adocim Cimento Beton Sanayi ve Ticaret A.S. is a 50-50% joint venture established between the Cem Sak Group and Titan in 2008. It currently owns a modern 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 3 ready-mix concrete units.

In order to support the company at a challenging juncture for the local industry and benefit from its long term potential, Titan has reached an agreement with its partner to acquire an additional 25% of Adocim, while at the same time disposing of its 50% participation in the grinding plant.

In 2017, Adocim posted sales of 236.3 m TL (57 m Euros), EBITDA of 44.7 m TL (10.8 m Euros) and net profıt of 4.1 m TL (1 m Euros).

The transaction is conditional upon approvals by regulatory authorities and is expected to be concluded by the end of November 2018.