Cementir Holding NV has announced its intention to sell the Kars cement plant in Turkey, currently jointly-owned by two of its subsidiaries.
Çimentas AS and Alfacem Srl have entered into a binding agreement with Arkoz Madençilik AS to divest 100 per cent of the share capital of Kars Cimento AS. The transaction has an enterprise value of EUR51m (US$57.8m) on a cash and debt-free basis. Completion is expected by the end of this year, subject to regulatory approvals.
The Kars integrated cement plant, located in north-eastern Turkey, has a grey cement production capacity of 0.6Mta. It will join the 1Mta Dogubayazit integrated plant under Arkoz Madençilik's group ownership.
In a statement, Cementir said the divestment is aligned with a strategy to optimise its geographic footprint and focus its strategic presence in western and central Turkey, where the group operates a vertically integrated model across cement, ready-mixed concrete, and aggregates.
