Barbetti buys stake in Turkish producer

Barbetti buys stake in Turkish producer
Published: 20 June 2008

Sanko Holding signed a partnership agreement with Italian Barbetti and agreed to sell its 30 per cent stake in cement producer unit Cimko Cimento ve Beton Sanayi to Barbetti for US$390m. The deal values whole of Cimko at US$1.3bn.

Cimko has two cement plants in southern Turkey in the cities of Adiyaman and Kahramanmaras. Adiyaman facility can produce 0.64Mt of clinker and 1.6Mt of cement a year while Kahramanmaras plant has annual output capacities of 2.5Mt of clinker and 3.5Mt of cement.

Speaking after the signing ceremony, chairman of Sanko Holding, Abdulkadir Konukoglu, said that that Barbetti is the fifth foreign partner of the holding company. Barbetti will be represented by three members on Cimko’s board.