Cement News tagged: Corporate
Ha Tien 1 Cement targets US$17.07m pretax profit
Ha Tien 1 Cement JSC (HT1), the largest cement maker in Vietnam by market capitalisation, targets a pretax profit of VND367bn (US$17.07m) this year, down 7.32 per cent YoY. Its revenue is expected to rise 5.9 per cent YoY to VND7.16trn in 2015, HT1 said on its website.
ACC quarterly volumes lower on weaker demand
ACC reported a decline in sales volumes for the January-March 2015 period due to weaker cement demand from the infrastructure and the general construction sectors, India’s second-largest cement producer said in a statement yesterday. The Holcim group company said its cement sales in the first three months of 2015 were down by 10.2 per cent to 5.82Mt versus 6.48Mt in the same period of last ...
Fitch affirms Holcim at 'BBB'; Outlook Stable
Fitch Ratings has affirmed Holcim Ltd's (Holcim) Long-term and Short-term Issuer Default Ratings (IDR) at 'BBB' and 'F2', respectively. The Outlook is Stable. "The affirmation reflects Holcim's leading market positions as one of the world's largest cement producers and our expectation that its financial profile remains commensurate with its 'BBB' rating. We expect a recovery in global end-m...
Future Board of Directors of LafargeHolcim nominated
Holcim and Lafarge have nominated their candidates for the future Board of Directors of the combined merged company, subject to closing of the transaction. The designated Board of Directors will consist of 14 members due to be elected at the Holcim Extraordinary General Meeting on 8 May 2015. Candidates • Wolfgang Reitzle, Co-Chairman (currently Chairman of the BoD of Holcim) • Br...
Bamburi upbeat on outlook
Kenya-based Bamburi Cement’s operating growth increased by 5.8 per cent last year to KES5.5bn (US$60m) and is upbeat on the outlook for both local and export sales. “We are very optimistic about market growth prospects in both our domestic and inland Africa export markets and are well positioned to benefit from them,” Bruno Pescheux, group managing director, told East African Business Week. ...
Brazil: CSN considering merger with cement unit
Brazilian steelmaker CSN is considering a merger with its subsidiary CSN Cimentos, Business News Americas reported. CSN, in a regulatory filing, said it would present the proposal to shareholders for approval. The merger would help CSN achieve synergies and economies of scale. It would result in "process optimisation and maximised results," with all business and administrative activities ca...
Ciments du Maroc 9.3% fall in profit
Ciments du Maroc closed 2014 with a 5.1 per cent fall in its turnover from MAD3.6bn (US$35m) to MAD3.4bn. The cement producer’s operating results experienced a 9.3 per cent drop to just over MAD1bn. The company attributes the decline to a slow building and public works sector. In addition, the eight per cent fall in housing starts contributed significantly to the limited growth of 0.8 per c...
Citi Research raises target price for China Resources
Citi Research raised its target price for China Resources Cement (CRC) to HK$5 from HK$4.5, and upgraded the stock to "neutral" from "sell". The research house lowered CRC's unit cost of cement and clinker by one per cent to HK$214/t in 2015, thus lifting 2015 GP/t to HK$96/t, taking into account the weak coal price. Citi also factored in a one per cent higher concrete price, revising up ...
Eric Olsen appointed as future CEO of LafargeHolcim
Lafarge and Holcim have approved the appointment of Eric Olsen as the future chief executive officer of LafargeHolcim, to be in office as from the closing of the merger project. Eric Olsen, presently Lafarge executive vice president, Operations, is appointed as future CEO of LafargeHolcim Mr Olsen (51), who has dual American and French nationalities, is presently Lafarge exe...
Fitch affirms SCCC long-term rating, Thailand
Fitch Ratings has affirmed Thailand-based Siam City Cement Public Company Limited's (SCCC) National Long-Term Rating at 'A(tha)', its National Short-Term Rating at 'F1(tha)', and the National Long-Term Rating on its senior unsecured debentures at 'A(tha)'. The Outlook is Stable. Key rating’s drivers Strong market position: SCCC's ratings are underpinned by its market position as Thaila...
VietinBank to finance Tuyen Quang plant
Vietnam Joint Stock Commercial Bank for Industry and Trade, or VietinBank (CTG) on has signed an agreement with Tan Quang Cement JSC to finance the latter’s cement plant in the northern province of Tuyen Quang. Under the agreement, Vietinbank will lend VND30bn (US$1.4m) to Tan Quang Cement JSC to develop its plant which has a clinker capacity of 2500tpd or 0.75Mta, and a cement capacity of 0...
Saudi: Yanbu first-quarter net profit edges ahead
Yanbu Cement Company posted a net profit of SAR207m (US$55.2m) in the three months to 31 March 2015, up one per cent from SAR205m a year earlier, the Saudi-based company said in a bourse statement. Net profit increased 7.2 per cent against SAR193m for the previous quarter, its interim consolidated financial results showed. Gross profit for 1Q15 reached SAR224m versus SAR223m for the same qu...
SITA UK rebrands as SUEZ environnement
SITA UK, the UK-based recycling and waste management subsidiary of the global SUEZ environnement Group, will today join the rest of the group in uniting under a single name. SUEZ environnement operates in more than 70 countries around the world and previously had more than 40 different brands (for example, SITA, Degrémont, Lyonnaise des Eaux, AGBAR, Aqualogy, United Water, Ondeo Industrial So...
Fitch reaffirms Votorantim Cimentos ratings
Fitch Ratings reaffirmed Votorantim Cimentos’ BBB rating and changed the company’s outlook from negative to stable. “Fitch’s decision took into consideration the financial discipline of the company and its conservative debt profile, especially in light of the current challenging economic scenario in Brazil,”, said Lorival Luz, Votorantim Cimentos’ Chief Financial & Investor Relations Office...
LH merger: Galchev demands improved terms
Russian billionaire, Filaret Galchev, who holds 10.8 per cent of Holcim through Eurocement holding, is demanding a renegotiation of the deal by Holcim and Lafarge to create the world’s largest cement company. The revised terms of the merger gave a more attractive share-swap ratio for Holcim shareholders, whereby Lafarge shareholders would receive nine Holcim shares for every 10 Lafarge ones, ...
HeidelbergCement turned down merger with Holcim
HeidelbergCement turned down a merger with Holcim, following discussions in late 2013 between Holcim chairman Rolf Soiron and HeidelbergCement’s biggest shareholder, Ludwig Merckle, who owns 25 per cent of HeidelbergCement shares through the family-run Spohn Cement, according to reports in SonntagsZeitung newspaper. "Right before the talks with Lafarge, Soiron discussed a merger with Heidelbe...