Titan Cement of Greece said on Wednesday it is buying a stake in Brazil’s cement manufacturer Companhia Industrial de Cimento Apodi for about $100 million.
Titan said it had entered a joint venture agreement that Cimento Apodi be controlled on a 50 : 50 basis by the Dias Branco Group and a Titan / Sarkis vehicle, 94 per cent of which is owned by Titan Cement.
Cimento Apodi's assets include an integrated cement plant in Quixeré and a grinding cement plant in Pecém port, close to the city of Fortaleza. It has a cement production capacity of more than 2 MTPA, as has been confirmed by Titan Cement. Titan's said its investment would be financed through available cash.
Aug 13th, 2016