HeidelbergCement to suspend new investment in Turkey

HeidelbergCement is to suspend all new investment in Turkey due to the political uncertainty in the country, said Dr Bernd Scheifele, CEO of HeidelbergCement.

He expressed concern about the current situation in Turkey, which he considers unfavourable to its economic development.

A referendum on strengthening presidential powers is due to take place in Turkey in April. The refusal of Germany and The Netherlands to let the Turkish ministers campaign in their territory in favour of this constitutional reform has recently sparked a diplomatic crisis between these countries and Turkish President, Recep Tayyip Erdogan.

HeidelbergCement has a joint venture with Turkish company Sabanci, Akcansa, which has 9.5Mta of production capacity installed in three integrated cement plants and one grinding unit. It also operates seven cement terminals in the country.