Ivano-Frankivsk:TCC Group Holdings' board of directors has approved a plan for its Dutch subsidiary to acquire a 100 percent stake in the Ukrainian cement company Ivano-Frankivskcement (IFCEM) along with three other companies for up to £750 million (US$857 million). The acquisition includes the roofing materials company Ivano-Frankivsk-Dakh, gypsum products maker KRU Gips, and dry-mix mortar producer KRU Mix, as announced by TCC Group Holdings Vice President Shelly Yeh at a press conference.
According to Focus Taiwan, the final price of the acquisition will be adjusted based on factors such as net debt and net working capital when the deal is finalized. The plan, which was approved at a special board meeting, is still subject to regulatory approvals in Taiwan, Ukraine, and other relevant jurisdictions.
The acquisition is part of TCC Group's strategy to expand its European cement operations from Southern and Western Europe into Eastern Europe, positioning itself to contribute to Ukraine's long-term reconstruction once the war ends. IFCEM has a strong market presence in Ukraine, with a 36 percent market share and a sales network extending to Poland, Romania, Moldova, Slovakia, and Hungary.
A significant aspect of the acquisition is the focus on low-carbon practices in the cement industry, especially in light of the European Union's Carbon Border Adjustment Mechanism (CBAM). TCC intends to introduce its low-carbon cement technologies to the acquired businesses, furthering its sustainability goals in post-war reconstruction efforts.
IFCEM's production facilities are located in Ivano-Frankivsk, western Ukraine, about 760 kilometers from the main combat zones in the southeast. The plant has maintained continuous production since the Russia-Ukraine conflict began in 2022. In 2025, IFCEM's revenue rose by 20.3 percent year-on-year to UAH 16.25 billion (US$362.41 million), with a gross profit increase of 40.3 percent, resulting in a net margin of about 26.4 percent.
TCC has appointed Morgan Stanley as its financial adviser for the transaction and has conducted extensive due diligence with international consultants. The company also retains the option to involve international financial institutions as co-investors, with some interest from supranational investment funds.
Chairman Nelson Chang led TCC's European and Asian cement teams on a visit to IFCEM's plant earlier this year. The plant has installed 50 MW of solar power capacity and 19 MW of gas-fired power capacity to lessen its dependence on the external grid. An assessment by the World Bank and United Nations earlier this year estimated Ukraine's reconstruction needs at US$588 billion, with immediate requirements in housing, transportation, and energy infrastructure.