CRH sells Turkish cement stake

Materials producers CRH is reported to have sold its stake in Turkish cement business, Denizli Cimento, to Oyak Group.

According to Bloomberg, the sale to the Turkish conglomerate was valued at some US$400 million (€320 million). It is speculated that CRH is building up its finances for future acquisitions, possibly the assets being put up for sale as part of the Lafarge-Holcim merger.

CRH’s involvement with Denizli Cimento dates to 2007, when the company bought a 50% stake in the business based in south-western Turkey from the other partner in the business, Eren Holdings.

Last week, the Irish company released its latest trading update that showed strong year-to-date sales of €14 billion, compared with €13.4 for the same period last year.

CRH was approached for comment on the sale of Denizli Cimento, but the company declined to do so.