Cementir Holding manufactures and distributes white and grey cement, aggregates, ready-mix concrete and concrete products in many countries worldwide. With operations in 15 countries and 3,200 employees, Cementir Holding is world leader in white cement; it is the first Danish grey cement producer, the second producer in Scandinavia, the third in Turkey and the fourth in Italy, besides being the leading ready-mix producer in Scandinavia. Since 1996, Cementir Holding has developed a geographical diversification strategy which radically transformed the company into a multinational with: • 20 cement production and concrete products plants of which 4 in Italy, 4 in Turkey, 1 in Denmark, 5 in Portugal (in jv with Secil), 1 in Egypt, 3 in the USA (of which 2 in jv with Heidelberg and Cemex), 1 in China and 1 in Malaysia • 2 state-of-the-art research and development centres in Italy and in Denmark and 1 laboratory in Turkey • 115 ready-mix concrete plants of which 18 in Italy, 82 in Scandinavia and 15 in Turkey In 2011 Cementir Holding reached: - sales of € 933 million, Ebitda of € 124,2 million - cement production capacity of over 15 million tons - ready-mix concrete sales of over 3.8 million cubic metres - aggregates sales of over 3.8 million tons Strategy Since 2001 Cementir Holding pursued a geographic diversification strategy by investing over € 1,1 billion. The most important acquisitions were: • Cimentas AS (cement and readymix) in Turkey in 2001 • Aalborg Portland AS (white and grey cement) and Unicon AS (readymix) in Denmark in 2004 • Edirne cement plant in Turkey and 4K Beton (readymix) in Denmark in 2005 • Elazig cement plant in Turkey in 2006 • Kudsk & Dahl (aggregates and readymix) in Denmark in 2008 • Sureko AS (industrial waste management and production of alternative fuels) in Turkey in 2009 • Recydia (waste management and renewables) in Turkey in 2011 • NWM Holdings Ltd (collection, treatment, recycling and disposal waste) in England in 2012 As a consequence of both the above deals and the growth dynamics of each country, from a local player Cementir Holding has become an international cement player which derives less than 20% of its operating results from Italy and has operations around the world. Future strategy is to combine both organic and external growth, striking the right balance between mature markets and emerging markets presence and maintaining an adequate return on capital employed.