Italian cement maker Aldo Barbetti, based in Gubbio, central Italy, has signed a joint venture agreement with Turkish industrial group Sanko Holding with the aim to expand on the Turkish market.
The agreement sets up a 50/50 joint venture, named Cimko, based in the southeastern part of Turkey.
Cimko will start production in the largest single furnace cement factory in the country, Kahraman Maras, which produces 8,000 tonnes of clinker per day. Cimko targets to reach an output of 4Mta of cement and a market share of eight per cent in Turkey.
The annual turnover is projected at some US$300m.
The agreement is Barbetti’s first step in a strategy of expansion abroad and opens new development opportunities in the Mediterranean region thanks to the cooperation with a strong local partner, Barbetti’s chairman and Cimko’s executive vicepresident Maria Antonella Barbetti said.