Holcim has acquired Serbian aggregate company Teko Mining Serbia, including its four quarries, to strengthen its footprint in the Serbian market.
Teko Mining is one of Serbia’s largest independent aggregates companies. It sells 2.4 million tonnes of aggregates per year and its 2022 net sales are estimated to be over €20 million ($29.6 million).
Teko Mining employs over 150 people and has quarries in Batocina, Ceramide, Ljubovija and Ladne Vode.
Its aggregates are strategically located for asphalt production, railway construction and high-strength applications.
Holcim believes the acquisition of Teko Mining will advance its “Strategy 2025 – Accelerating Green Growth” by further fuelling growth with bolt-on acquisitions in the aggregates and ready-mix concrete businesses.
Teko Mining is Holcim’s fourth bolt-on acquisition in aggregate operations across the south-east Europe region.
In 2022 alone, Holcim has acquired Heidelberg Cement’s aggregates and ready-mix concrete assets in Athens and acquired the majority stake in independent ready-mix concrete operations in Sofia and Zagreb.
“Teko complements 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,” Holcim region head Europe, Middle East, Africa Miljan Gutovic said.
He believes that Teko Mining’s “expertise will be invaluable in accelerating our growth, especially in the highly dynamic Serbian market and enable us to develop circular solutions to recycle construction and demolition waste in the future.”