Cement News tagged: Corporate
Ciments du Maroc posts positive 1H14 results
Ciments du Maroc saw turnover increase to MAD1.63bn (US$185m) in 1H14, up 16.4 per cent from MAD1.4bn the same period the previous year. However, the company also experienced a 22 per cent rise in costs from MAD976.47m in 1H13 to MAD1.19bn, particularly in terms of raw materials and labour costs. This resulted in an operating profit of MAD444.234m, 7.8 per cent lower than the MAD481.56m not...
Turkey: CRH and Eren Holdings plan sale of JV
CRH and its Turkish partner Eren Holdings have applied to Turkey's competition regulator to sell their joint venture, Denizli Cimento, to army pension fund OYAK Group, according to a statement on the watchdog's website. Irish building materials major CRH and Istanbul-based Eren each hold a 50 per cent stake in Denizli. No price was given for the disposal. CRH has embarked on a disposal...
Egypt: National Cement swings to full-year loss
National Cement Co swung to a net loss of EGP138.4m (US$19.35m) in the fiscal year ended 30 June 2014 from a net profit of EGP93.5m for the year-earlier period. The pretax loss for the reported 12 months amounted to EGP135.5m, versus a pretax profit of EGP93.31m. The Egypt-based producer attributed the sharp negative change in its financial performance to two main factors: lower productio...
TCL places hold on all debt payments
Following a financial assessment of Trinidad Cement Ltd (TCL) by PricewaterhouseCoopers (PwC), the Caribbean-based cement producer has decided to place a hold on all payments due under the existing restructured loan agreements and has proposed a “standstill.” The decision to propose a standstill came after TCL met with its lenders on Monday to update them on the present state of the compan...
Alain Bourguignon, Marc Soule join Holcim's asset sale committee
Holcim, which is set to merge with French peer Lafarge in 2015, has named Alain Bourguignon and Marc Soule members of the asset sale committee. Bourguignon was so far in charge of Canada, UK and USA, while Soule was Lafarge's performance management director. Roland Koehler, Holcim's director for continental Europe, will also take on the British market, while Andrea Leu, who is director fo...
Cemex enters new US$1.35bn credit agreement
Cemex SAB de CV announced it entered a new credit agreement for US$1.35bn with nine of the main lending banks from its Facilities Agreement of 17 September 2012. The new agreement’s main terms include an average four-year term with equal semi-annual payments of principal of 20 per cent each, with a three-year grace period and September 2019 as the last payment date. In addition, there will b...
Reliance Infrastructure plans to triple capacity to 15Mta by 2017
India’s Reliance Infrastructure plans to nearly triple its cement capacity to 15Mta over the next three years. The current capacity at the company, led by Anil Ambani, is 5.8Mta as the cement producers operates plants in Madhya Pradesh, Maharashtra, Uttar Pradesh and Bengal. "We will be tripling our cement capacity in the next three years by setting up new plants in MP and Maharashtra," com...
Zuari Cement hosts groundbreaking for Gulbarga plant
Through its Gulbarga Cement Ltd (GCL) subsidiary, Zuari Cement plans to build a 3.23Mta cement works in Gulbarga, Karnataka, India. In addition, the company will be setting up a 50MW captive power plant. The foundation stone of the new plant, which is located 28km from Gulbarga on the Gulbarga-Bangalore highway, was laid on 30 September, by Francis along with Ramesh Suryanarayana, director b...
Summit Materials in line for cement IPO?
Summit Materials LLC, which is co-founded by Blackstone Group LP, is preparing an initial public offering (IPO) this year as concrete deals intensify, according to sources quoted by Bloomberg. The sharesale will be manage by Goldman Sachs Group Inc and Citigroup Inc and it is expected that the Denver-based cement company could be valued at about US$2.5bn in the IPO. Summit Materials was...
Cohrs elected chairman of CTLGroup Board of Directors
The CTLGroup Board of Directors elected Cary O. Cohrs as chairman during the organisation’s recent autumn board meeting in Chicago, Illinois, USA “Cary Cohrs brings a wealth of construction-related leadership to the CTLGroup Board,” Brent Nixon, CTLGroup president/CEO said. “We are excited to work with him in his new role as chairman, developing building solutions and new technologies to gr...
Chinese companies ink Indonesian plant agreement
Two Chinese companies signed an agreement on Thursday to jointly invest in an Indonesian cement factory as part of investment cooperation measures agreed by the two countries in 2013. State Development and Investment Corp (SDIC) and Anhui Conch Cement Company (Conch) will fund the project of building production lines and relevant facilities of the factory located in West Papua Province. A...
Sagar gets Board nod for BMM acquisition
The board of Sagar Cements has given approval in-principle for the acquisition of a 100 per cent equity stake in BMM Cements Ltd as the company seeks to expand its presence in southern India. The deal involves the acquisition of a 1Mta cement plant and a 25MW captive thermal power plant in Gudipadu, near Tadipatri Anantapur district in the state of Andhra Pradesh. Successful completion of...
Semen Indonesia seeks loan for Papua plant construction
Semen Indonesia is seeking IDR600-IDR840bn(US$50-70m) in bank loans to help finance construction of a new cement plant in Jayapura, Papua, according to reports by the Jakarta Globe. Indonesia's largest cement producer has recently announced its intention to construct the first cement plant in the country's most eastern-most province to meet the region's demand potential and reduce distributio...
South Valley Cement 1H net profit reaches EGP64.9m
Egyptian cement producer South Valley Cement Co said yesterday its first-half net profit increased to EGP64.9m (US$9.07m). In the comparative period of the previous year, the company’s net profit stood at EGP 57.8m.
Sabanci Holding eyes LafargeHolcim assets
Turkish conglomerate Sabanci Holding plans to bid for some of the assets Lafarge and Holcim must sell to receive approval from competition watchdogs ahead of its planned merger, a source with knowledge of the deal told Reuters. Sabanci is aiming for growth through acquisitions and said in March that it plans to spend TRL1-1.5bn (US$448-672m) on such investments. "Preparations are being made ...
Elementia: Fortaleza brand to register 20% growth in 2014-15
Despite a slow market, Mexico’s Cementos Fortaleza expects to close 2014 and 2015 with growth. Antonio Taracena, director general at Elementia, owner of the Fortaleza brand, attributes the growth due to the new brand. Although sales are forecast to rise by barely one per cent in Mexico this year, Elementia – owned by Carlos Slim and Antonio del Valle – expects to show 20 per cent growth by ...