Titan of Greece reduces borrowing by almost 50%

719 Titan Cement of Greece has managed to establish strong foundations for its future growth during the years of recession devastating the local economy, according to the company’s officials.

Reports say that Titan has reduced its borrowing by almost 50%; its fixed costs by 16% and its costs of sales and administrative by 22%, while increasing its production capacity by about 20%.

In 2013, Titan expects a further drop in demand within the local market, but not as bad as it was in recent years, while it is expecting a recovery within the US market, as well as a slight improvement in south-eastern Europe and Egypt where the group is also active.