Çimsa signs acquisition agreement for Buñol, the most technologically advanced white cement plant in Europe
Tamer Saka, the Head of Sabancı Holding Cement Group: "We have completed the acquisition process and are stepping into the world league with Çimsa"
Çimsa, a subsidiary of Sabancı Holding, concluded the acquisition agreement to acquire Buñol, a white cement plant in Spain, for US$ 180 million. Following the completion of the acquisition, Çimsa will significantly increase its contribution to Turkey's export revenues.
Çimsa, which is a subsidiary of Sabancı Holding and a world leader in white cement, signed an agreement to acquire the Buñol Plant in Valencia, Spain from Cemex, one of the world's leading cement producers, for approximately US$ 180 million.
Stating that they became a world leader with the completion of the acquisition, Tamer Saka, the Head of Sabancı Holding Cement Group and Çimsa Chairman, said: “At Sabancı, we have expanded our leadership position in Turkey to the international arena. With our experience and know-how, we aim to become a global leader by following the developments in the world, managing our business in line with world-class standards. In order to reinforce our global leadership position, we will use our best efforts to take new steps in the coming period.”
Commenting on the development, Ülkü Özcan, General Manager of Çimsa, said, “Building on the strength and vision of the new generation of Sabancı, we have prioritized expansion to new geographies as a critical matter. Our nearly 50-year-long history in the cement industry is characterized by the goal of sustainable growth. On March 21, we took a big step to consolidate Çimsa’s position in the international arena and initiated the acquisition process for the Buñol Plant in Spain. Having concluded the agreement, we are proud to have made Çimsa the world's number one white cement producer today.”
With the addition of the Buñol Plant to the production and distribution network, Çimsa will build a strong export network in Europe, North Africa and South America as well as increasing its area of influence. Çimsa, which will enjoy a 40% increase in its production capacity with its investment, will become the global market leader.
In the acquisition process of Çimsa Buñol White Cement Plant, EDNAM Capital, Clifford Chance and BCG served as financial, legal and strategic advisors, respectively.