Anadolu Cimentolari, Marmara Cimento to merge

Anadolu Cimentolari, Marmara Cimento to merge
Published: 21 September 2004

Turkish cement and clinker producer Anadolu Cimentolari will take over its affiliated company Marmara Cimento, it was reported on September 20, 2004.  The merger will be a subject to approval by Anadolu Cimentolari extraordinary general shareholders’ meeting scheduled for September 24, 2004. The merger, which will lead to an increase of Anadolu Cimentolari capital, will be based on the May 31, 2004 balance sheets.  The two companies are part of Set Group Holding, which carries out the business activities of Italian cement group Italcementi in Turkey. Anadolu Cimentolari has been part of Set Group since 1990 and Marmara Cimento joined the group in February 2002.

Set Group comprises a cement division called Set Cimento and a ready-mixed concrete division called Set Beton. Set Cimento runs four plants and two grinding centres and Set Beton operates 18 batching units across Turkey.