Greek Titan Cement targets expansion, considers Turkish market

Greek cement maker Titan Cement considers entering the market of neighbouring Turkey as part of an expansion move, the company said.

Titan Cement reiterated its forecast for a drop of between five per cent to nine per cent in sales on the Greek market in 2005, while sales on the US and Bulgarian markets are expected to register a growth. Sales in Serbia, Macedonia and Egypt are seen flat on the year.

Greek brokerage Sigma Securities has recently upgraded its recommendation on Titan Cement stocks to "outperform" and set its share price target at €28.2 (US$34.5).