Titan sells 75% stake in Turkish unit

Blue chip Titan Cement announced on Wednesday it has signed an agreement for the sale of its 75% stake in Adocim Cimento Beton Sanayi ve Ticaret in eastern Turkiye for $87.5 million in cash, with 50% of shares going to Mugla Cimento Sanayi ve Ticaret and the other 25% to Yurt Cimento Sanayi ve Ticaret.

According to Kathimerini the sale, expected to be completed in the second quarter of the year, is seen in line with the Greek industry’s decision to shift its international focus to the US market, though it will continue to operate its cement factory and mine in western Turkiye.