Turkish cement giant Cimsa has taken a significant step in its strategy to increase foreign currency-based revenue and expand into international markets.
The company announced the signing of a share purchase agreement to acquire a 94.7% stake in Ireland-based Mannok Holdings DAC, a leading producer of cement and cement-based products, for approximately $367 million.
Cimsa expands international footprint
Cimsa’s strategic acquisition aims to boost its foreign currency-based revenue to 70%, enhancing its footprint in international markets.
Mannok, headquartered in Ireland, operates an extensive sales and distribution network across Ireland and the United Kingdom.
The company reported annual sales revenue of $327 million.
The acquisition will be finalized following the receipt of necessary approvals from regulatory authorities.
In a statement submitted to the Public Disclosure Platform (KAP) this morning, Cimsa detailed the terms of the agreement and underscored its commitment to expanding its global presence in the sustainable building materials sector.
Official statement from Cimsa
In the official KAP statement, Cimsa elaborated on the acquisition:
“As part of our strategy to grow in the sustainable building materials sector and expand our global footprint, our subsidiary Cimsa Ireland Ltd, fully owned by our growth platform subsidiary Sabanci Building Solutions BV (SBS), has signed a share purchase agreement on 27.08.2024 to acquire 94.7% of the shares of Mannok Holdings DAC (Mannok), an Ireland-based company engaged in the production and sale of cement, cement-based products (such as roof tiles, precast concrete), insulation materials, and recycled plastic packaging.”
