17/01/2008
ACQUISITION IN TURKEY
"Titan has concluded an agreement to create a 50/50 joint venture in Turkey. To this effect, Titan has agreed to purchase a 50% equity stake in Adocim Cimento Beton Sanayi ve Ticaret A.S. for €90.5 million. Adocim is a cement manufacturer with a modern integrated plant in Tokat of the Black Sea region and a grinding plant in Tekirdag, Marmara. The company has a production capacity of 1.5 million tons per annum. The agreement is subject to due diligence and regulatory approvals."