Turkey’s Sabanci seeks acquisitions

Turkey’s Sabanci seeks acquisitions
14 April 2011

Turkey’s Sabanci cement group is seeking acquisitions in the region and could spend between TRL1bn-1.5bn (US$660-$988m) on buy-outs this year, its chairman Mehmet Gocmen said.

The group is also interested in acquiring domestic cement makers and could buy Afyon Cimento, Gocmen told reporters late on Thursday.

"Some large cement companies are selling assets because they can’t pay their debts and this offers an opportunity to companies with strong cash flow like us. We will either buy the network of a cement company or buy plants one by one," Gocmen said.

Sabanci’s cement group activities include Akcansa, its joint venture with HeidelbergCement, and Cimsa. Sabanci Holding is a leading Turkish industrial and financial conglomerate.

The group is looking at North Africa, the Middle East, the Caucasus, the Balkans and Iraq for possible acquisitions, he said.

"Our aim this year is to make an important acquisition."

Gocmen sees the group’s revenue rising 15 percent this year from TRL1.5bn in 2010.

Unrest in the Middle East and North Africa will affect the sector as Turkish cement makers export 5.5Mt of cement to Libya, Egypt and Syria, he said.  (Edited report from Reuters).
Published under Cement News