Turkey’s Çimsa to buy cement plant in Spain

Turkey’s Çimsa to buy cement plant in Spain

Turkey’s Çimsa to buy cement plant in Spain

Çimsa Çimento, one of Turkey’s largest cement producers, has announced that it has agreed to buy a white cement plant from Spain-based Cemex.

The company said in a filing with Borsa Istanbul that it will pay $180 million for the Bunol cement plant.

“Talks regarding the sale agreement are still ongoing,” Çimsa added.

The acquisition of the cement plant in Spain will be carried out either by an existing subsidiary abroad or a subsidiary to be established for this purpose, Çimsa explained.

Çimsa, owned by Sabancı Group, was founded in 1972. It conducts its operations with its five integrated plants in the provinces of Mersin, Eskişehir, Kayseri, Niğde and Afyonkarahisar, a grinding facility in Ankara, and cement packing facilities in a terminal in the Marmara region and Malatya.

According to the information on the company’s website, Çimsa is one of the first three brands in the world in white cement production.

 It has terminals in Hamburg (Germany), Trieste (Italy), Sevilla (Spain) Alicante (Spain), Famagusta (Northern Cyprus) Constanta (Romania) and Novorossiysk (Russia).

Consolidated net sales of Çimsa increased by 14 percent to 1.7 billion Turkish Liras ($311 million) in 2018 from the previous year, while its net profit declined by 32 percent to 155 million liras.