Cementir Holding NV has announced that it has completed the sale of 100 per cent of the share capital of Kars Cimento AS (Kars) to Arkoz Madencilik AS, for a total enterprise value of EUR51m (US$59.37), on a cash and debt-free basis.
Kars operates an integrated cement plant in Northeastern Türkiye, with an annual grey cement production capacity of 600,000t.
In 2024, Kars generated GAAP revenue of circa EUR26.9m and GAAP EBITDA of around EUR3.9m. The company currently employs around 90 people.
This divestment is aligned with Cementir Group’s strategy to optimise its geographic footprint and focus its strategic presence in Western and Central Türkiye, where the Group operates a vertically integrated model across cement, ready-mixed concrete, and aggregates.
“This divestment is part of our commitment to enhancing our operational efficiency and strengthening our competitive positioning by focusing on high-growth regions”, commented Francesco Caltagirone Jr, Cementir Chairman and CEO.
