TAIPEI — Taiwan Cement Corporation is preparing a major expansion into Eastern Europe with a proposed acquisition of Ivano-Frankivsk Cement, Ukraine’s second-largest cement producer, in a deal valued at up to €750 million (about US$857 million or NT$27 billion).
The planned transaction would give Taiwan Cement, through its Netherlands-based subsidiary TCC Group EMEA Holdings B.V., control of Ivano-Frankivsk Cement and three affiliated building-materials businesses.
But the deal is not yet final. It remains subject to antitrust approvals and other regulatory clearances in Taiwan, Ukraine and other relevant jurisdictions.
Taiwan makes a major bet on Ukraine’s rebuilding future
The acquisition would place Taiwan Cement directly in one of the industries expected to play a central role in Ukraine’s eventual reconstruction: cement and construction materials.
Ivano-Frankivsk Cement has annual cement production capacity of approximately 4.3 million metric tons and employs around 2,500 people across its group of companies. Its products include cement, concrete and reinforced-concrete products, fiber-cement roofing, facade materials, dry construction mixes and gypsum products.
The Ukrainian company said the proposed partnership would combine its established domestic manufacturing position with Taiwan Cement’s international experience, technology and investment capabilities.
The companies also described the deal as creating a platform for participation in Ukraine’s large-scale reconstruction and deeper economic integration with Europe.
Why the deal is drawing attention
Ivano-Frankivsk Cement has continued operating despite Russia’s full-scale invasion of Ukraine.
Taiwan Cement said the facility is located in western Ukraine, roughly 760 kilometers from the nearest combat zone, and that production has continued during the war. The company also said the facility has installed 50 megawatts of solar capacity and 19 megawatts of gas-powered generation, reducing its dependence on the national electricity grid.
The plant also exports cement and related products to several European markets, including Poland, Romania, Moldova, Slovakia and Hungary, giving the proposed acquisition a regional dimension beyond the Ukrainian market.
Ukraine’s cement market is recovering
Ukraine’s construction sector was hit heavily by the war.
Cement consumption fell from about 10.6 million tons in 2021 to 4.5 million tons in 2022, before recovering to roughly 6.2–6.5 million tons annually, according to figures cited by Taiwan Cement.
That recovery is one reason construction materials are attracting attention from international investors.
Ivano-Frankivsk Cement’s 2025 performance also showed substantial growth. Taiwan News reported that its revenue increased 20.3% in 2025, while net profit reached the equivalent of about NT$4.56 billion. Ukrainian business reporting put 2025 net revenue at UAH 16.2 billion and net profit at UAH 4.2 billion.
The first half of 2026, however, was weaker, with Ukrainian data cited by Interfax-Ukraine showing revenue down 4.2% year on year and net profit down about one-quarter.
Taiwan Cement is expanding its European footprint
The proposed acquisition would also extend Taiwan Cement’s European presence farther east.
TCC Group operates more than 40 production sites, with combined cement production capacity exceeding 112 million tons a year, and has existing operations across countries including Portugal, Türkiye, Spain, the United Kingdom, the Netherlands and France.
Global Cement reported that TCC sees the transaction as a way to expand its European cement operations from Southern and Western Europe into Eastern Europe and position itself for Ukraine’s long-term reconstruction needs.
The proposed investment therefore goes beyond buying a single cement plant: it would give Taiwan Cement a larger foothold in Ukraine while connecting its production network more closely to Central and Eastern European markets.
The deal still faces regulatory hurdles
Despite the headline-grabbing €750 million valuation, the transaction cannot simply be completed immediately.
The parties must secure the necessary antitrust and other regulatory approvals, while the final settlement amount may also be adjusted based on factors including net debt and working capital.
Taiwan Cement has also said it is conducting due diligence covering issues including sanctions, labor practices and operational risks.
That means the proposed acquisition remains subject to several conditions before ownership can formally change hands.
A business deal with a much bigger backdrop
If completed, Taiwan Cement’s investment would be one of the more notable Taiwanese corporate moves into Ukraine during the country’s ongoing war and preparations for eventual reconstruction.
For Ukraine, the deal could bring additional capital and industrial expertise into a strategically important building-materials producer.
For Taiwan Cement, it offers access to a recovering Ukrainian market, established European export routes and a potential role in future reconstruction demand.
The next major question is therefore not whether the €750 million deal has been announced — it has — but whether the regulatory approvals and closing conditions will allow Taiwan Cement to turn the proposed acquisition into one of its biggest moves into Eastern Europe.
WWC ONE MEDIA G,A
