Titan is establishing a joint venture with the Ado group of companies, a local conglomerate, in Turkey, which involves the investment of EUR90.5m to take a 50% stake in Adocim Cimento Beton, which is based in Istanbul.
Andocim has an integrated cement plant near Tokat, in northern Turkey, and a grinding centre at Sultankoy in the Marmara region. Clinker production at the Tokat plant has just started with the beginning of this year. The Tokat plant has a design capacity of 1.2m tonnes of cement per annum and is aimed at serving the Central Anatolian and Black Sea markets as well as doing some exporting.
The Sultankoy plant was completed in the autumn of 2006 and has a grinding capacity of just under 0.5Mt and buys clinker on the open market.
Furthermore there is a concrete batching plant, with 10 lorry mixers and two mobile pumps that were commissioned last May. The deal is still subject to due diligence and regulatory approvals. At present, Adocim also manages a 0.6Mta cement plant 10km from the port of Attalia on the Mediterranean, but it is not yet certain whether this works will be transferred to the joint venture.