Turkish group takes over Loulé’s CIMPOR cement factory
Loulé’s CIMPOR cement factory has been sold to Turkish group OYAK along with all of CIMPOR’s assets in Portugal.
The conglomerate, owned by Turkey’s Armed Forces pension fund, has also taken over CIMPOR’s assets in Cape Verde while the rest of the company’s cement production endeavours in Latin America and Africa were left in the hands of the Brazilian group that owned the whole operation, Intercement.
The official numbers of the deal have not been revealed although Reuters reports that Intercement will be receiving around €700 million. After the deal, OYAK immediately sold off 40% of the company for €640 million to the Taiwan Cement Corporation.
CIMPOR’s debts were named as one of the main reasons behind the deal.
According to a statement released by Intercement, OYAK is a “leader in the Turkish market”. It is involved in a number of industries such as cement and concrete, mining, metallurgy, car building, energy and chemistry.
It employs over 30,000 people in 19 countries. The people employed by CIMPOR in Portugal are all expected to keep their jobs.