Taiwan Cement Corp. has teamed up with the Turkish conglomerate Oyka to extend its reach into overseas markets, according to the Taiwan company`s chairman Chang An-ping ().
In a recent interview, Chang said his company is hoping to penetrate markets in Portugal, North Africa and Central Asia through its partnership with Oyka.
Last October, Taiwan Cement and Oyak reached a deal to set up a joint venture, with the former investing US$1.1 billion for a 40 percent stake.
Under the agreement, Taiwan Cement will tap into Oyak`s production capacity in Turkey in a bid to enter African, Middle Eastern and European markets.
Oyak recently acquired a cement plant in Portugal that has an annual production capacity of 5 million tons of cement, which, according to market analysts, will give Taiwan Cement access to the Portuguese market.
Through its subsidiaries, Oyak has cement production facilities across Turkey in areas such as Bolu, Unye, Mardin, Adana and Denizli, which produce about 12 million tons of cement a year, according to Taiwan Cement.
At an investor conference late last year, Chang said Taiwan Cement`s partnership with Oyak would go beyond the cement business and that the two companies were looking at Central and West Asia, East and South Europe and North Africa.
On Monday, shares of Taiwan Cement lost 0.39 percent to close at NT$37.85.00 (US$1.22) on the local main board, where the weighted index ended up 0.08 percent at 10,250.28 points.
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