Titan to gain control of Adocim Joint venture

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 per cent joint venture established between the Cem Sak Group and Titan in 2008. It consists of a modern cement plant with 1.5Mta cement capacity, a 0.6Mta grinding unit and three ready-mix concrete units.

Titan has reached an agreement with its partner to acquire an additional 25 per cent of Adocim, while at the same time disposing of its 50 per cent participation in the grinding plant.

In 2017, Adocim posted sales of TRY236.3m (EUR57m), EBITDA of TRY44.7m (EUR10.8m) and net profıt of TRY4.1m (EUR1m).

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