Holcim acquire Teko Mining in Serbia

Acquisition of aggregates and asphalt leader with estimated 2022 net sales of more than €20 million

HOLCIM have acquired Teko Mining in Serbia, one of the country’s largest independent aggregates companies with estimated 2022 net sales of more than €20 million. A highly profitable company with substantial reserves, Teko Mining sell 2.4 million tonnes of aggregates per year.

The acquisition includes Teko’s four quarries and will strengthen Holcim’s footprint in the dynamic Serbian market, complementing their recent acquisition of another aggregates operation in the region.

Miljan Gutovic, region head EMEA, said: ‘Teko complement our existing cement and concrete operations perfectly, allowing us to add aggregates and asphalt as part of our integrated offer in this highly dynamic market.

‘I look forward to welcoming the employees of Teko Mining, whose expertise will be invaluable in accelerating our growth, especially in the highly dynamic Serbian market, and enabling us to develop circular solutions to recycle construction and demolition waste in the future.’

Teko Mining employ more than 150 people and have quarries in Batocina, Ceramide, Ljubovija and Ladne Vode. Their high-quality aggregates are strategically located for asphalt production, railway construction, and high-strength applications.

The acquisition of Teko Mining is the fourth bolt-on acquisition in south-eastern Europe in 2022 after the acquisition of Heidelberg Cement’s aggregates and ready-mixed concrete assets in Athens, and the majority stake in independent ready-mixed concrete operations in Sofia and Zagreb.

Holcim say the acquisition will advance their ‘Strategy 2025 – Accelerating Green Growth’ by further fuelling growth with bolt-on acquisitions in the aggregates and ready-mixed concrete businesses.