Greece's Titan Cement Group has announced that it is to take a 50 per cent equity stake in Companhia Industrial de Cimento Apodi of Brazil.
The deal will see Titan invest an estimated US$100m to become joint owner of the company alongside Brazilian conglomerate the Dias Branco Group. Both organisations will acquire a 50 per cent interest in the cement producer.
Cimento Apodi is based in the state of Ceará in northeastern Brazil and operates a grinding plant in Pecém and a new integrated plant in Quixeré, which opened in 2015. The combined capacity of these two facilities is in excess of 2Mta.