Titan Cement Cleaning Up Portfolio To Reinvest In Stable High-Growth Markets
Titan Cement International (TCI) announced that it has entered a definitive agreement to divest its 75% share in Adocim Cimento Beton Sanayi ve Ticaret A.S., comprising cement assets located in Eastern Region of Türkiye, 50% share to Mugla Cimento Sanayi ve Ticaret A.S. and 25% to Yurt Cimento Sanayi ve Ticaret A.S. TCI will receive $87.5m for these assets and the sale is in line with TCI's long-term growth objectives in Turkey. The transaction is expected to be closed by the end of 2Q FY25. This divestment is part of TITAN's Group broader strategy to strengthen its portfolio and seek reinvestment opportunities. The Group will continue to operate cement grinding and supplementary cementitious assets in other parts of Türkiye. We think the divestment was more of a clean-up operation and now, management could this capital to work in more stable high-growth markets. We reiterate our HOLD recommendation and €45.0 TP.Titan Cement International SA is a Belgium-based international cement and building material producer. The Company's activities include the production, transportation, and distribution of cement, concrete, aggregates, fly ash, mortars and other building materials. The Company reports its activities into four geographical business segments: Greece and Western Europe, North America, South East Europe and Eastern Mediterranean. Apart from the transportation and distribution, the Company also transfers its know-how through collaborations with customers, business partners, local communities and Academia.
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