Greek building materials producer Titan plans to build a cement plant in Albania, a company official said on Monday.
"It will be a greenfield investment. We have recently applied for the permit by the Albanian authorities," Afroditi Sylla, a Titan investor relations office, told SeeNews but declined to disclose the size of the investment and the planned capacity of the plant.
The construction of the plant would take two to three years after Titan has got the permit, Sylla said.
Meanwhile, the company will continue exporting cement to Albania.
"Albania is a business opportunity for us. It is a market that imports about two-thirds of its needs of cement and Titan has been an exporter to Albania for a number of years," Sylla said. She could not say how much cement Titan sells in Albania.
Titan ( www.titan.gr ) has a strong presence in the southeast European region running production units in Serbia, Macedonia and Bulgaria. It has also cement plants in the U.S. and Egypt and a developed distribution network in Western Europe. Last year, it sold 15 million tonnes of cement and cement materials, more than five million tonnes of ready mixed concrete and 20 million tonnes of aggregates and various other building materials.
Titan reported a 210m euro (US$264.6m) net profit and a 1.34bn euro turnover last year, up 19 and 17 per cent YoY, respectively.