Italcementi to sell Set Group Holding, Turkey

Italcementi to sell Set Group Holding, Turkey
Published: 25 February 2011

Italcementi Group announces that its sub-holding Ciment Français has agreed to sell Set Group Holding and its subsidiaries for a total amount of EUR290m (on a cash and debt free basis) to Limak Group, a diversified Turkish Group with investments in construction, infrastructure, cement, energy, transport and tourism.

Set Group Holding – part of the existing industrial network of Italcementi Group in Turkey – operates three cement plants located in Ankara, Balikesir and Trakya (with a total clinker capacity of 2.3Mta), one grinding facility in Ambarli (cement capacity of 1.2 Mta) and 13 ready-mixed concrete facilities.

In 2010, Set Group Holding generated a turnover of approximately EUR130m; the net debt, as at 31 December 2010, was circa EUR17m.

Afyon Çimento, a listed Turkish company majority owned by Ciments Français, is not
included in the perimeter of the transaction. In the future, Italcementi Group might consider the best industrial or financial alternatives for this asset, the company said.
The completion of the transaction with Limak Holding is subject to approval by
the relevant authorities in Turkey. The transaction is expected to be completed during the second quarter of 2011. Mediobanca acted as financial adviser to Italcementi Group and Ciments Français on this transaction.