Turkey's Limak Cement plans African acquisitions

Bymc2008

Updated Fri, 18 Dec 2015 09:15:29 GMT

According to a report released by Reuters, Turkey's Limak Cement has opens talks to acquire cement operations in Africa that could be worth up to €1 billion (US$1 billion).

According to an executive of the company, Limak has signed a confidentiality agreement regarding the purchase from an international cement company. The outcome of the talks would not be known for several months however.

Limak Cement Group General Coordinator Gultekin Aksuyek has not announced who the company was hoping to buy the assets from but said it had operations in more than one African country.

Limak has 10 cement factories in Turkey and is building cement grinding and packaging facilities in Mozambique and Ivory Coast, which are expected to come online in 2016 and 2017, part of broader expansion plans by the group.