Sabanci to restructure white cement business

Turkey's Sabanci Holding has announced that it will be restructuring its white cement business unit by merging its financial power and the operational capability of its Çimsa subsidiary, according to a statement.

As such, it is planning to incorporate a company in the Netherlands, Cimsa Sabanci Cement BV (CSC BV), in which Sabancı will hold 60 per cent of the total equity shares while the remaining 40 per cent will be held by Çimsa.

It will then sell the shares of Çimsa's international white cement subsidiaries, the 100 per cent equity shares of Cimsa Americas Cement Manufacturing and Sales Corp, Cimsa Cement Sales North and Cimsa Cementos Espana, and 70 per cent of the total equity shares in Cimsa Adriatico, to the CSC BV.

The acquisition of the Buñol plant will also be completed by Cimsa Cementos Espana, which will itself become a wholly-owned affiliate of CSC BV as a result of the share transfers.

"Together with this new structure, the shares of Çimsa's subsidiaries that undertake the white cement business abroad are contemplated to be transferred to CSC BV, and thereby white cement investments of Sabancı Group are aimed to be concentrated under the roof of CSC BV," said the company.