Cementir Holding N. V. Recently announced that two of its subsidiaries had signed a legally binding agreement with Arkoz Madencilik A. S to sell 100% of the shares of Kars Cimento AS.
Kars Cimento as owns an integrated cement plant in northeastern Turkey, which can produce about 600,000 tons of gray cement per year. The transaction has been determined to have an enterprise value of EUR 51 million and will be completed on a cash-free, debt-free basis. The transaction is
expected to close by the end of the year, subject to regulatory approvals and customary terms and conditions. In 2024, Kars Cimento AS generated revenues of about 26.9 million euros and earnings before interest, taxes, depreciation and amortization of about 3.9 million euros, and currently has about 90 employees.
The divestiture is in line with Cementir Group's strategic plan to optimize its geographical layout and focus its strategic focus on the western and central regions of Turkey. In these regions, Cementir Group has adopted a vertically integrated operation model of cement, ready-mixed concrete and aggregates. "This asset sale is part of our commitment to improve operational efficiency and enhance our competitiveness in high-growth regions," said Francesco Caltagirone Jr., chairman and CEO
of Cementir. "By focusing on strategic regions, we are poised to achieve further growth."