Considering the announcements of new cement plants in Iraq to meet the demands of a booming reconstruction sector, it should not be a surprise that someone would spot the need for more cement bags.
Işıklar Ambalaj, a package-producing affiliate of Turkey’s Işıklar Yatırım Holding, has decided to build a cement bag factory in northern Iraq, the company said in a statement to the Anatolia news agency on Tuesday.
Prior to the Gulf crisis Iraq was one of the biggest markets for the business, with an annual consumption of 400 million cement bags.
Işıklar Yatırım Holding was established in June 1977 as Cumra Paper Industries. The company went public in June 1994 with a 10.72 percent share offering and started trading on the Istanbul Stock Exchange.
It posted a $2 million profit in the first quarter of 2010.
(Source: Hurriyet Daily News)