Turkey: Sabancı Holding expects its cement business sales to rise by 10 – 15% in 2015 and is looking for acquisition opportunities, according to its chief executive Hakan Gurdal. Sabancı's cement group, which consists of Akçansa and Çimsa, posted a 16% increase in sales to US$980m in 2014.
"We are chasing opportunities for growth abroad. The financial structures of Akçansa and Çimsa are getting stronger, creating serious potential. We currently have the ability to borrow up to US$1.5bn to fund an acquisition," said Gurdal.
Sabancı Holding has long been interested in acquisitions, but has not bought any companies. Gurdal explained that this was due to geopolitical risks in the countries bordering Turkey. Gurdal added that the group had an investment target of US$117 – 129m, most of which would be invested in a plant in the Aegean province of Afyon. The plant is expected to start producing in May 2016.
