Taiwanese industrial group TCC Group Holdings has agreed to acquire 100% of the shares in Ukrainian group Ivano-Frankivskcement (IFCEM). The transaction could be worth up to €750 million, making it one of the largest potential deals involving a Ukrainian industrial asset.
The transaction was reported by Taiwanese media outlet Focus Taiwan, citing a decision made at an extraordinary meeting of TCC’s board of directors and information disclosed on the Taiwan Stock Exchange.
TCC plans to acquire IFCEM through its Dutch subsidiary, TCC Group EMEA Holdings B.V. The deal covers not only the group’s core cement producer, but also other businesses within the group, including roofing materials manufacturer Ivano-Frankivsk-Dakh, gypsum products producer KRU Gips and dry construction mixes producer KRU Mix.
The estimated value of the transaction is up to €750 million, or approximately $857 million. The final purchase price will be adjusted upon completion of the transaction, taking into account, among other factors, net debt and the company’s net working capital position.
TCC Chairman Nelson Chang personally visited Ukraine in the first half of 2026 to review IFCEM’s operations on site. Morgan Stanley is acting as financial adviser to the transaction, while international advisers are conducting legal and financial due diligence.
Completion of the deal is subject to the receipt of required antitrust approvals and other regulatory clearances in the relevant jurisdictions, as well as the satisfaction of customary closing conditions.
IFCEM’s production facilities are located in the village of Yamnytsia in Ivano-Frankivsk Region. The group manufactures more than 300 types of products, with cement, roofing slate and gypsum products among its core product categories.
The company’s annual cement production capacity stands at 4.3 million tonnes. IFCEM is Ukraine’s second-largest cement producer, with a market share of approximately 36%. The company continued manufacturing and selling its products even after the start of the full-scale war.
To strengthen energy resilience, the company has already installed 50 MW of solar generation capacity and 19 MW of gas-fired generation capacity. This allows the business to reduce its dependence on the centralised power grid.
In 2025, IFCEM’s revenue increased by 20% to UAH 16.25 billion, while net profit rose by 45% to UAH 4.29 billion, according to YouControl data.
Following completion of the transaction, TCC intends to develop IFCEM as a strategic asset, taking into account future demand for building materials required for the reconstruction and development of Ukrainian infrastructure. The company has also stated that it plans to introduce modern technologies and environmental standards.
For TCC, the acquisition of IFCEM will further expand its presence in Ukraine. The Taiwanese group is one of the world’s largest cement producers. It operates more than 40 production sites, with total cement production capacity exceeding 112 million tonnes per year. The company employs approximately 13,800 people.
In addition to its cement business, TCC is developing operations in renewable energy, energy storage systems and advanced materials. The group has a presence in a number of European and African countries, including Portugal, Türkiye, Spain, the United Kingdom, the Netherlands, France and Italy.
Ivano-Frankivskcement has previously been the subject of a major potential transaction. In 2021, Azerbaijan’s NEQSOL Holding planned to acquire the company for $300–400 million and submitted the relevant application to the Antimonopoly Committee of Ukraine, but the deal was not completed following the start of the full-scale war.
