ROOM FOR EXPANSION: Taiwan Cement is the sixth-largest player in the Greater China region at 75 million tonnes, and prospects for growth close to home are limited, it said

Taipei Times
Date: Oct 27, 2018
By: Ted Chen  /  Staff reporter

Taiwan Cement Corp (TCC, 台灣水泥) yesterday said that its board of directors has greenlit a US$1.1 billion investment in Turkey’s OYAK Cimento AS to expand the company’s presence beyond Asia as the Chinese market becomes increasingly saturated.

The Turkish firm is fully owned by Ordu Yardimlasma Kurumu (OYAK), the pension fund of the Turkish Armed Forces.

TCC said it would begin negotiating the terms of a joint venture holding company with OYAK, which would control the Turkish company’s domestic cement businesses.

The joint venture, tentatively named Dutch TCC Holdings, would be 40 percent owned by TCC, with OYAK controlling 60 percent, TCC said in a filing with the Taiwan Stock Exchange.    [FULL  STORY]