Cement News tagged: Corporate
Pakistan cement industry records revenue growth of 3.4% in FY15
Pakistan's domestic dispatches grew by 7.9 per cent YoY in FY15 to 28.2Mt, while exports fell 11.6 per cent YoY to 7.2Mt. The drop in exports limited revenue growth in the Pakistan cement sector to 3.4 per cent YoY. Overall profitability increased by 20 per cent YoY in the last fiscal to PKR35.6bn compared with PKR29.7bn in FY14. The outlook on local dispatches remain strong due to t...
Venezuela: Trujillo's line 2 construction makes steady progress
The construction of the second line at the Trujillo plant of Venezuela’s Cemento Andino has progressed to 35.1 per cent, according to the president of Corporación Socialista del Cemento. "The growth we are experiencing today will have a major impact on the development not only of Trujillo, but of Venezuela. With this new line, the cement production capacity of this subsidiary will triple, t...
Cemex USA announces divestment in the southeastern United States
Cemex USA announced Friday that it has signed an agreement for the sale of its gypsum wallboard business based in Florida to US LBM. The proceeds obtained from this transaction, which will not be for a material amount, will be used mainly by Cemex USA’s affiliates for debt reduction and for general corporate purposes. The transaction is expected to be completed by end-2015. Bank of Americ...
Guatemala: Fitch affirms Cementos Progreso IDRs, Outlook Stable
Fitch Ratings has affirmed Cementos Progreso SA's (Cempro) Issuer Default Ratings (IDRs) at 'BB+'. The Rating Outlook is Stable. Cempro's 'BB+' ratings reflect the company's leading position in Guatemala's cement industry. Its solid market position is viewed as sustainable considering the country's limited infrastructure and challenging logistics, which limit imports and significantly incre...
Bedeschi acquires Mid-West Conveyor Co
Bedeschi SpA of Italy announced the acquisition of Mid-West Conveyor Co, a US-based provider of turnkey bulk material handling systems for the utilities, mining, cement, fertiliser, refinery and marine terminal sectors. Founded in 1947, the newly-named Bedeschi Mid-West Conveyor LLC (BMWC) has operations located in Lenexa, Kansas. From there it designs, manufactures and installs bulk material...
PPC Ltd: change to the Board Of Directors
Dr Daniel Ufitikirezi has resigned as a director of PPC with effect from 22 September 2015. This follows his resignation as the chairman of the board of Cimerwa, PPC's subsidiary in Rwanda, after his replacement as the representative of the Rwanda Social Security Board on that board. Dr Ufitikirezi was appointed to the PPC board in January 2015.
Siam Commercial Bank Pcl sells stake in Siam Cement Pcl
Siam Commercial Bank Pcl said on Thursday it sold its stake in Siam Cement Pcl to raise THB4.47bn (US$123.17m) funds to cover provisions for loans to struggling steel firm Sahayiriya Steel Industries. The Siam Cement shares were sold to the Crown Property Bureau which is already a major shareholder in Thailand's biggest cement firm, the bank's chief executive Arthid Nanthawithaya told Reuters...
Government to cancel India Cements plant
The government of India has decided to cancel the allotment of a cement plant given to India Cements in Gumma, Shimla, Himachal Pradesh. The decision was taken after India Cements expressed its unwillingness to start works, according to local media. "It has been decided to cancel the allotment as the company is no longer keen to set up the plant and they have failed to show any progress in t...
CCI clears HeidelbergCement-Italcementi deal
Competition Commission of India (CCI) has approved HeidelbergCement's proposed acquisition of Italcementi SpA. The fair trade regulator said in a tweet said it has approved "acquisition of Italcementi SPA by HeidelbergCement AG".
Siam City Cement to set up Cambodian JV
Thailand-based Siam City Cement (SCCC) has approved a plan to set up a joint venture with Chip Mong Group to operate a cement plant in Cambodia. Thailand’s second-largest cement producer SCCC will take 40 per cent equity in Chip Mong Cement Corporation Ltd, the joint venture firm, and Chip Mong Group and three other individuals will hold the majority 60 per cent. The JV firm has a registe...
PPC expansion strategy on track
PPC's expansion strategy remains on track and the new plant in Rwanda was officially opened on 18 August 2015. In an investor presentation posted on PPC's website ahead of the RMB Morgan Stanley Big Five Investor Conference in Cape Town on Monday, the company said all three remaining projects in the DRC, Zimbabwe and Ethiopia are ~45 per cent complete. The 1Mta Slurry Kiln 9 project has com...
Ecuador: Ucem to invest US$230m in new clinker plant
Ecuador’s Unión Cementera Nacional (Ucem) has signed a contract with Peru’s Casaracra and the Ministry of Production, Employment and Competition to build a new clinker plant in Riobamba, Chimborazo. Casaracra will invest US$230m. "This investment will replace imports of the value of US$250m over the next 10 years," said Ecuadorian Vice President, Jorge Glas, at the signing ceremony. The new...
CRH plc announces change of role for Board member
CRH plc announces that Mark Towe, currently president and chief executive of Oldcastle, will assume the new role of chairman, CRH Americas. He will work with the group chief executive to support performance and excellence programmes across the group. The appointment is effective from 1 January 2016. Mr Towe will continue as an executive director on the Board of CRH plc.
Morgan cuts CR Cement target price
Morgan Stanley lowered its target price for China Resources Cement (CRC) to HK$5.1 from HK$5.6, and maintained its "overweight" rating. The research house said the slow season is behind and it sees more policy support on the infrastructure and property side. Morgan Stanley expects construction demand to improve and cement prices to turn around. It has slightly lowered 2015 sales volume base...
Qalaa Holdings first-half revenues up by a third, Egypt
Qalaa Holdings (formerly Citadel Capital) released its consolidated financial results for the quarter ending 30 June 2015, reporting revenues of EGP2086.8m, up 33.7 per cent compared to the same quarter of last year. In the second quarter alone, the energy and cement divisions contributed some 70 per cent of total revenues. On a six months basis, revenues climbed 37.8 per cent YoY in 1H15 ...
PT Semen Baturaja eight-month net profit rises 27% YoY
PT Semen Baturaja Tbk reported a 27 per cent YoY increase in net profit to IDR224.7bn (US$15.3m) in the first eight months of the year, with strong sales growth seen by the publicly-traded state company. Sales rose by 29 per cent YoY to 925,034t over the period under from review from 714,863t a year earlier. "The income of the companysurged 29 percent to IDR880.1bn from IDR682.3bn," Corporat...