Taiwan Cement teams with Oyak in Turkey targeting Middle East, Europe
TAIPEI, NNA - Taiwan Cement Corp. will form a joint venture with Turkish conglomerate Oyak group to tap into the Middle Eastern and European markets.
Taiwan Cement’s wholly owned subsidiary in the Netherlands, Dutch TCC Holdings, will establish the Turkish unit taking a 40 percent stake. Oyak will hold the remaining 60 percent.
This is the first foray into Turkey for cement makers in Taiwan. Taiwan Cement is eyeing growing demand from the public and private construction sectors in these regions and will invest no more than $1.1 billion, Chairman An-ping Chang said in Taipei on Monday.