Cement News tagged: Corporate
Paraguay: INC expects annual sales up US$60m due to new mill
Paraguay’s Industria Nacional del Cemento (INC) expects to see annual sales up by US$60m following the commissioning of its new mill in 2H16, according to CEO, Jorge Méndez. At present, the company sells around US$90m in bagged cement. Assembly of the new mill, which is manufactured by Sinoma of China, will be carried out by local company Engineering SA. The project represents an investment...
Titan America LLC suspends construction of new Castle Hayne cement plant, USA
Titan America LLC announced today that project economics no longer support the construction of a cement plant in Castle Hayne, NC, USA. According to company officials, the evolution of supply and demand balances in the specific regional markets does not support the relatively high cost of constructing a new cement plant. “Our decision to suspend construction on the cement plant in Castle H...
Court annuls information request by EC into cement company competition probe
The European Court of Justice has annulled a request for information the European Commission had made to several cement makers in a cartel probe. The European Commission in 2010 opened an investigation into several cement makers – including HeidelbergCement, Holcim and Lafarge – saying it suspected the companies of possibly restricting imports into the EU, divvying up markets and coordinat...
Cemex divests of Bangladesh and Thailand units, potential sale of minority stake in Philippine assets
Cemex announced yesterday that it has signed an agreement for the sale of its operations in Bangladesh and Thailand to Siam City Cement Co for approximately US$53m. Meanwhile, Cemex's Philippine subsidiary has presented an application to Philippine authorities for the potential sale of a minority stake of assets in the southeast Asian country. Bangladesh and Thailand divestitures Proceeds o...
KHD chief executive officer resigns
The Supervisory Board of KHD Humboldt Wedag International AG (KHD) today informed the KHD Management Board about the resignation of Johan Cnossen as CEO and member of the Management Board with immediate effect. Mr Cnossen has decided to step down for personal reasons. His responsibilities will be taken over for an interim period by the other Management Board members, KHD said in a statement.
Titan's US profits more than double
Titan's turnover rose by 20.7 per cent in 2015 to EUR1397.8m and EBITDA improved by 19.2 per cent to EUR216.4m. Following an 24.4 per cent increase in the depreciation and impairment charge to EUR130.7m. boosted by a EUR11.6m impairment charge in the USA, the trading profit declined by 3.2 per cent to EUR108.9m. The net financial charge was 1.7 per cent higher at EUR66.8m while the foreign ...
Cementir reduces debt but also net profit
Cementir Holding's turnover in 2015 recovered by 2.2 per cent to EUR969.0m, but EBITDA emerged just 0.8 per cent ahead at EUR194m. The trading profit, however, declined by 6.3 per cent to EUR97.61m while the net interest line went from a negative EUR4.6m to a positive EUR4.0m and the pretax profit improved by 2.2 per cent to EUR101.6m. Higher tax and minorities charges gave a net attributable ...
TCL reports second consecutive year of record revenues
Trinidad Cement Co Ltd said it recorded its highest ever revenue of TTD2.1bn (US$319m), an increase of TTD12.4m compared to a year earlier despite facing increased competition. The increase represents the second consecutive year of record revenues The 2015 revenue growth was mainly driven by a 12 per cent rise in cement sales volumes in Jamaica and a 16 per cent increase in clinker sales vol...
Bamburi Cement full-year pretax profit rises 46%
Kenya's Bamburi Cement posted a 46 per cent rise in full-year pretax profit to KES8.46bn (US$83.51m), helped by increased sales and investment income and foreign exchange gains. The LafargeHolcim group company said turnover rose by nine per cent to KES39.2bn. Bamburi said it made a foreign exchange gain of KES104m from a loss of KES170m in 2014, while investment income rose to KES374m from ...
Cemex announces pricing of US$1bn in Senior Secured Notes
Cemex announced today the pricing of US$1bn of its 7.750 per cent Senior Secured Notes due 2026 denominated in US Dollars. The notes will bear interest at an annual rate of 7.750 per cent and mature on 16 April 2026. They will be issued at a price of 99.986 per cent of face value and will be callable commencing on 16 April 2021. The closing of the offering is expected to occur on 16 March 201...
Breedon's full-year trading performance
Breedon Aggregates Ltd reported continued improvement in trading performance for full-year 2015, with record results from both England and Scotland. Group revenue increased by 18.1 per cent to GBP318.5m as the UK construction sector continued to recover. Breedon reported that trading conditions in England remained stronger than in Scotland, but both divisions delivered record results in 201...
Dalmia Bharat to take full control of cement subsidiary
Dalmia Bharat has received approval from the Competition Commission of India to acquire a 15 per cent stake in its subsidiary Dalmia Cement Bharat from private equity firm KKR. Post-acquisition, Dalmia Cement Bharat Ltd (DCBL) will become a wholly-owned subsidiary of Dalmia Bharat Ltd (DBL). “Dalmia Bharat Ltd (DBL) signed a definitive agreement with KKR, under which it will acquire KKR'...
Suez Cement says profit transfers hit by foreign currency crisis in Egypt
Suez Cement is struggling to transfer shareholder profits out of Egypt because of a foreign currency crisis, Reuters reports. Egypt has been struggling to revive its economy since the uprising in 2011 that drove major sources of foreign currency such as foreign investors and tourists away. Pressure for a devaluation of the pound has been building but the central bank has kept it fixed at 7.7...
CRH subsidiary challenges competition authority searches
Irish Cement, a subsidiary of CRH, has brought a legal challenge to the seizure of certain emails of a senior CRH executive during a search as part of an investigation into alleged anti-competitive practices, according to a report in the Irish Independent. The Competition and Consumer Protection Commission was not entitled to "essentially run riot" in the premises of Irish Cement at Platin, C...
Change at the top for thyssenkrupp India
Ravi Kirpalani will join thyssenkrupp India on 14 March 2016 and take charge as the CEO of the regional headquarters of thyssenkrupp India effective 1 July 2016. Indian-born, Kirpalani's last role was the Managing Director of Castrol India Ltd. Prior to joining thyssenkrupp he spent over 16 years at BP where he held a number of roles in India and in the UK. He will provide ongoing supp...
Cemex obtains required consents to amend its credit agreement
Cemex announced yesterday that, in line with the company's current initiatives of enhancing financial flexibility and reducing risk, it has obtained the required consents to amend its facilities agreement dated 29 September 2014, as amended and restated to delay the scheduled tightening in its consolidated financial leverage and coverage ratio limits by one year. The formalisation of the ame...