Titan Cement of Greece enters into an agreement with Brazil's Cimento Apodi

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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.

Aug 13th, 2016

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.

(Source: Reuters)

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