ECONOMY

Greece’s biggest cement producer, Titan, says it has no plans to leave country

Titan, Greece’s biggest cement producer, has issued a statement saying that it has no plans to move its headquarters from Greece.

The announcement came on Monday morning after rumors that Titan was considering such action appeared in the media.

Titan reported its first annual loss in at least 19 years earlier this month as Greece’s construction sector continued its crisis-driven collapse.

The company also said it would not pay a dividend for the second consecutive year. Before the Greek crisis, Titan had been distributing dividends without interruption since the mid-1950s.

The company said it swung to a net loss for 2012 of 24.5 million euros from a profit of 11 million in the previous year.

“The deterioration of results is due to collapsing construction activity in Greece and the drop in southeast European markets,» the company said.

“2013 will be another tough year for Titan,» it added