Ukrainian cement manufacturer attracts major investor from Taiwan
Taiwan's TCC Group Holdings plans to acquire Ivano-Frankivskcement, one of the largest cement producers in Ukraine, as well as three other construction industry companies. The maximum value of the asset package could be €750 million.
TCC's board of directors approved the transaction through its Dutch subsidiary TCC Group EMEA Holdings B.V.
In addition to PJSC Ivano-Frankivskcement, the deal perimeter includes roofing materials producer Ivano-Frankivsk-Dakh, gypsum products manufacturer KRU Gips, and dry construction mixtures producer KRU Mix. TCC plans to acquire 100% of the shares of these companies.
The stated €750 million is a maximum valuation of the entire asset package. The final amount will be adjusted at closing based on net debt, working capital, and other metrics.
The deal is not yet closed. It requires approvals from regulators in Ukraine, Taiwan, and other jurisdictions. Morgan Stanley is acting as TCC's financial advisor.
For the Taiwanese group, the acquisition is a way to expand its cement business from Southern and Western Europe into Eastern Europe. The company explicitly links the investment to Ukraine's future reconstruction and expected demand for construction materials.
According to TCC's estimate, Ivano-Frankivskcement holds about 36% of the Ukrainian cement market and has established exports to neighboring European countries. Its key external markets are Poland and Romania, with products also shipped to Moldova, Slovakia, and Hungary.
The company's financial performance has been growing in recent years. According to Ivano-Frankivskcement's annual report, net revenue in 2025 was UAH 16.25 billion, up from UAH 13.51 billion a year earlier.
The enterprise produced about 4.15 million tonnes of cement during the year. Cement accounted for 96% of commercial output, and exports generated about 35% of revenue. Net profit for the year was about UAH 4.29 billion.
After the start of the full-scale war, the plant continued to operate without interruption. The enterprise also has its own energy capacity — 50 MW of solar generation and 19 MW of gas generation, reducing dependence on the external power grid.
TCC also plans to introduce its own low-carbon cement production technologies at the Ukrainian enterprises. This matters for exports to the EU after the CBAM mechanism enters its full phase, when the carbon intensity of imported cement directly affects its cost on the European market.
TCC Chairman Nelson Chang, along with the group's European and Asian teams, visited the Ivano-Frankivskcement plant in the first half of 2026. The company also allows for the involvement of international financial institutions as co-investors in the future deal.
Sources: TCC Group Holdings, Focus Taiwan, Ivano-Frankivskcement
