Taiwan Cement approved the acquisition of Ukrainian cement and building materials major IFCEM and 3 affiliated companies at an extraordinary board meeting. The transaction will be carried out through its Dutch subsidiary and is expected to close after regulatory approval.
Taiwan Cement (TCC) approved the acquisition of Ukrainian cement and building materials major IFCEM and 3 affiliated companies at an extraordinary board meeting on 22 September. The total consideration is expected to be capped at an enterprise value of €750 million, and the transaction will be carried out through TCC's Dutch subsidiary. Approval from the authorities in both Taiwan and Ukraine is required for completion, after which settlement is expected to take place.
IFCEM has annual cement production capacity of 4.3 million tonnes and also produces precast concrete products, roofing materials and gypsum board. TCC, one of the world's leading cement manufacturers, has more than 40 production sites and annual production capacity of over 112 million tonnes. Following the acquisition, TCC aims to introduce low-carbon technologies and production expertise and expand its European operating base into Eastern Europe.
As the full-scale application of the EU Carbon Border Adjustment Mechanism (CBAM) begins in 2026, IFCEM has pursued decarbonisation investment to maintain its export competitiveness in the EU market. TCC intends to draw on this expertise to support the realisation of sustainability in the postwar reconstruction of Ukraine and Europe, and plans to develop businesses using decarbonisation technologies.
Meanwhile, Ukraine's cement production has not returned to pre-invasion levels, although exports to neighbouring countries have increased. Export volume rose from 970,000 tonnes in 2021 to 1.7 million tonnes in 2024, while domestic demand remains sluggish.