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The cement business of Turkey’s SabancI Holding expects its sales to rise 10-15 percent this year and is looking for acquisition opportunities, its chief executive said. SabancI’s cement group, consisting of cement companies Akansa and imsa, posted a 16 percent increase in sales to 25 billion lira ($980 million) in 2014, the cement unit’s Chief Executive Officer Hakan Gurdal told reporters late on Monday.

“We are chasing opport

The cement business of Turkeyand#39s SabancI Holding expects its sales to rise 10-15 percent this year and is looking for acquisition opportunities, its chief executive said.

SabancIand#39s cement group, consisting of cement companies Akandccedilansa and andCcedilimsa, posted a 16 percent increase in sales to 25 billion lira ($980 million) in 2014, the cement unitand#39s Chief Executive Officer Hakan Ganduumlrdal told reporters late on Monday.

andquotWe are chasing opportunities for growth abroad. Financial structures of Akcansa and andCcedilimsa are getting stronger, creating serious potential.

We currently have the ability to borrow up to $1.5 billion to fund an acquisition,andquot Ganduumlrdal said.

SabancI Holding was in a consortium that offered bids for some of the assets put up for sale by cement makers Lafarge and Holcim after their mega-merger But Irish cement maker CRH agreed to buy the assets for 65 billion euros. SabancI has long been interested in acquisitions, but has not bought any companies.

Ganduumlrdal explained this was due to geopolitical risks in Turkeyand#39s neighboring region. Ganduumlrdal also said the group had an investment target of 300-330 million lira, most of which would be invested in a factory in the Aegean province of Afyon.

The factory is expected to start producing in May 2016.

SOURCE: Today’s Zaman