CRH sells Turkish cement stake

17 November 2014

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.

Latest News
Mace’s revenue passes £2bn mark
UK-based Mace has seen its revenue pass the £2 billion mark, driven by an expansion of global consultancy work and a five-year high for construction revenue
Corruption controversy engulfs Australian construction union
An Australian government minister has asked the federal police to investigate allegations of corruption against the construction division of the Construction, Forestry, Maritime, Mining and Energy Union (CFMEU)
10 biggest equipment rental acquisitions of 2024 so far
As we enter the second half of the year, IRN looks at the most recent and noteworthy business acquistions in the equipment rental industry