Posted by meb at January 31st, 2007

Following a competitive auction process, Lafarge announces the project of divestment of Yibita Lafarge Orta Anadolu Cimento (YLOAC), in which it holds a 50% share, to Cimpor of Portugal.
Founded in 1994, YLOAC is a 50/50 joint venture between Lafarge and Yibita Holding. It holds three cement plants and three grinding stations for a total cement grinding capacity of 3.5 million tonnes, as well as twelve  concrete plants and two aggregates quarries, mainly located in Central Anatolia.
This transaction fully values these assets, at an enterprise value of 535 M, which represents a multiple of around 11 times forecasted 2006 EBITDA. The net proceeds before tax amount to 260 M for Lafarge.
The project will be submitted to the competition authorities.
Following the transaction, Lafarge will remain a significant player in the Turkish building materials sector, with a presence mainly in the Marmara region, composed of a cement plant of 1.2 million tonnes of clinker capacity, a grinding station of 250,000 tonnes, ten concrete plants and three quarries, as well as Gypsum activities.

source: www.thenewanatolian.com