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Investing.com -- TITAN (Brussels:TITC) has announced the acquisition of LATEKAT, a well-established, family-owned quarry business located in the Thessaly region of Central Greece. This move expands TITAN’s reserves and strengthens its business model in Greece.
LATEKAT, which has reserves exceeding 100 million tons, is a significant supplier in Central Greece. The quarry is expected to serve the region’s long-term market potential and cater to the substantial infrastructure needs for rehabilitation and flood protection following the severe floods in 2023.
This acquisition aligns with TITAN’s strategy to expand its reserve base in the high-growth areas of Greece. The company has been actively investing in the country in anticipation of increased volumes and continues to seek investment opportunities to expand its already significant presence in Greece.
This acquisition comes on the heels of TITAN’s 2024 purchase of an aggregates quarry in Attica and the finalization of a long-term commercial agreement in the Southern Peloponnese. This agreement has secured an additional 60 million tons of reserves. These initiatives are part of TITAN’s ongoing vertical integration strategy, creating synergies for both its cement customers and its own ready-mix operations across Greece.
TITAN’s ready-mix operations in Greece are also expanding, most recently with a second ready-mix unit in Hellenikon, Athens, and a project-specific unit supporting mining activities in Northern Greece.
In addition to developing new reserves, TITAN is investing in the recycling of Construction and Demolition Waste (CDW (NASDAQ:CDW)). This initiative started at its facilities in Northeastern and West Attica (Malakasa, Xirorema) and continues with ongoing investments in recycling facilities in Crete, Central Greece, and other locations.
Sergio Sarafopoulos, General Manager of TITAN Greece, commented on the acquisition, stating: "The latest acquisition in Central Greece, strengthens our integrated presence in the country and supports the reconstruction efforts in a region hit by extreme weather. Significantly expanding our reserves and strengthening our business model, we complement our recent investments and enhance our supply chain, positioning us for further growth across the country.”
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