Through Cimento Apodi, a joint venture with Brazil’s Dias Branco Group and Sarkis Group, Greece-based Titan Cement has expanded its presence in South America to include Brazil. ICR spoke with Adauto Farias and Emmanuel Mitsou, Cimento Apodi’s CEO and COO, respectively, about this new joint venture.
In mid-August 2016, Titan announced it was buying a US$100m stake in Brazilian cement producer Companhia Industrial de Cimento Apodi (Cimento Apodi), headquartered in Fortaleza, northeastern Brazil.
ICR: Tell us a bit more about this newly-established joint venture and each of its partners. How are the operational responsibilities distributed between its partners and is there a side that takes the lead in the company’s management?
Adauto Farias (AF): Cimento Apodi is a Brazilian cement manufacturer operating in the state of Ceará in northeastern Brazil. The company is jointly owned and controlled on a 50/50 basis by the Dias Branco Group and a Titan/Sarkis Group vehicle (94 per cent owned by Titan).
