Italcementi steps up examination of Turkey options

Italcementi steps up examination of Turkey options
Published: 29 February 2008

Italcementi SpA is stepping up its effort to improve returns on capital invested in its Turkish operations, including via a possible sale of operations and joint ventures, said company officials.  
 
The company said its board has examined various options for getting the most value from its Turkish assets, and has given management the job of optimising the industrial and financial strategy.  
 
Italcementi officials said that there are talks with other other parties on the options, whereas in its previous statement in January,  Italcementi was just looking at possible plans for the assets.  
 
’The aim is to increase return on capital of these assets in one way or another. One option is a sale, another is joint ventures,’ an official said.  
 
Italcementi is present in Turkey via its Set Group units in cement and concrete as well as via a stake in the quoted Afyon Cimento.  
 
In 2006, sales in Turkey were about 245 mln eur, the company said.  
 
The company official said all the Turkish units were in profit in 2006, while 2007 results are not available.  
 
Italcementi said it is delaying its results statement to March 17, from March 6, without giving an explanation.