TITAN Group Invests in Brazil

TITAN Cement Group announces that it has concluded an agreement to acquire an equity stake in Companhia Industrial de Cimento Apodi, a Brazilian cement manufacturer operating in the state of Ceará in Northeast Brazil. Through a joint venture agreement, Cimento Apodi will be jointly owned and controlled on a 50/50 basis by the Dias Branco Group and a TITAN/Sarkis vehicle (94% owned by TITAN). The amount of TITAN’s investment, which will be determined at closing, is estimated to be about 100 million US dollars and will be financed by TITAN’s available cash.
The assets of Cimento Apodi include a modern integrated cement plant in Quixeré operating since 2015 and a grinding cement plant in Pecém port, close to the city of Fortaleza, operating since 2011. Cimento Apodi has production capacity of over 2 million tons of cement per year.
With this investment, TITAN expands its geographical footprint into a new region, entering a promising market with long-term potential, joining forces with well-established local partners and investing in state-of-the-art assets.