Sabanci eyes Bartin Cimento

Sabanci eyes Bartin Cimento
Published: 28 July 2004

Turkish industrial conglomerate Sabanci Holding is exploring the possibility of buying the cement factory Bartin Cimento Fabrikasi, it was reported on July 26, 2004.  Sabanci Holding cement group chairman Erhan Kamisli has carried out an inspection at the factory, which was taken over by the Turkish Savings and Deposits Insurance Fund (TMSF), which holds insolvent banks in receivership.

Bartin Cimento is one of more than 200 companies owned by Turkey’s Uzan family, which were seized by Turkish financial authorities in February 2004 to recoup debts totalling nearly $6.0 bln (4.9 bln euro) following the collapse of their Imar Bank. The factory was bought by the Uzans 10 years ago. The purchase of Bartin Cimento is important for Sabanci because of the factory’s proximity to its cement milling and packing facilities in Karabuk, in northwestern Turkey, according to Kamisli. 

Sabanci Holding cement division comprises Cimsa, Akcansa, Oysa and Karcimsa. The four companies employ a 1,650 staff. The cement division sold 8.5Mt of products in 2003, including 3Mt abroad. It generated a turnover of US$370m in 2003, including US$100m from exports. The division expects an exports revenue of US$107m for 2004.