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CRH to sell its joint venture in Turkey

Thursday, August 14 12:19:10

CRH and its Turkish partner Eren Holding have hired JPMorgan Chase to help sell their cement joint venture in Turkey, according to reports.

Companies including Haci Omer Sabanci Holding, Limak Holding and Oyak Cement Group are said to be interested in the unit, in which CRH holds a 50 per cent stake with Istanbul-based Eren owning the rest. The three potential bidders are among those shortlisted and the sale process for the unit, known as Denizli Cimento Sanayii TAS, could be finalised by October, a source said, according to a report on Bloomberg.

About 20 domestic and international cement producers, including Italcementi and Cimpor Cimentos de Portugal, operate in Turkey, where cement makers have a total annual capacity of about 107 million tonnes, according to the local Cement Producersí Association. The country, which has a GDP of about $820 billion, is seeking to become one of the largest 10 economies in the world, and has planned $100 billion of infrastructure projects in the next four years, including a new bridge across the Bosphorus strait.

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