Cement News tagged: Corporate
India Cements to demerge Super Kings division
India Cements said Tuesday it would demerge the Chennai Super Kings (CSK) division into a wholly-owned subsidiary. "Our company presently owns Chennai Super Kings (CSK) - BCCI-IPL Franchise 20/20 Cricket Tournament Team. We propose to demerge the said CSK Division to a wholly-owned subsidiary of our company," the company said in a statement filed with the Bombay Stock Exchange (BSE). India C...
Eagle Materials appoints Beckwitt to Board of Directors
Eagle Materials announced that it has appointed Richard Beckwitt to its Board of Directors. Mr Beckwitt is President of Lennar Corporation, where he has worked for eight years. Prior to his work with Lennar, Mr Beckwitt held various executive officer positions at DR Horton, including President. "Rick brings a wealth of experience in the homebuilding business to the ...
PPC chief executive quits, South Africa
Ketso Gordhan, the chief executive officer of PPC Ltd (PPC), resigned from his post at South Africa’s largest cement maker because of differences with the board. Mr Gordhan, who was appointed at the start of last year, quit abruptly on Monday prompted by what the company described in a statement as "differences of opinion" with the board, regarding "procedures for the approval of certain dec...
Senior appointments at Star Ferro and Cement Ltd
Star Ferro and Cement Ltd has appointed Sanjay Kumar Gupta as chief executive officer, effective 20 September 2014. Dilip Kumar Agarwal has been appointed chief financial officer, also effective 20 September 2014.
Mexico: Lafarge sells its minority stake in Elementia
Lafarge announces the sale of its 47 per cent minority stake in its cement operations in Mexico to Elementia for a cash consideration of US$225m (EUR175m). The joint venture between Lafarge and Elementia operates three cement plants in central Mexico, close to the capital city. This divestment will contribute to Lafarge's objective to reduce net debt. This transaction is subject to the appro...
Saudi Arabia: weak demand keeps Hofuf kilns closed
Saudi Cement Co said it would not restart the two refurbished kilns at its Hofuf plants as the company currently has a high inventory level and market demand remains weak. “The feasibility of operating these two kilns shall be reconsidered whenever market conditions warrant that,” the statement said. The company expects to record annual depreciation charges of about SAR7.6m (US$2m) relat...
Chettinad Cement Corp moves on expansion
India’s Chettinad Cement Corp has received all the required permits for its greenfield project in Andhra Pradesh and expansion in Karnataka. In Andhra Pradesh, the company is building a 3.5Mta integrated cement works at Guntur, reflecting an investment of INR11bn (US$181m). Chettinad Cement has acquired a 405ha plot for the unit. At Gulbarga, Karnataka, the company will be investing INR...
CRH to compete for Lafarge and Holcim assets
Irish building materials manufacturer CRH plc is considering making an offer to purchase the assets that might stand in the way of the merger of Lafarge and Holcim, industry sources told Reuters. It was not reported which assets that the Irish firm might be keen to purchase. Following the announcement of their giant merger and in an effort to avoid regulatory problems, Lafarge and Holcm will ...
Fiji: Holcim JV sells stake in Pacific Cement Ltd
South Pacific Cement, a joint venture between Holcim New Zealand and Fletcher Building Ltd, has sold its 47 per cent stake in Pacific Cement Ltd (PCL) to the Vinod Patel Group. PCL is a joint venture with Fijian Holdings Ltd (FHL), which holds a 51 per cent stake. The balance of shares is owned publicly. The company was the first cement manufacturer in the country with a production capacity...
Seychelles: Lafarge to open 4000t cement silo
Lafarge is developing a 4000t cement silo in the Seychelles in partnership with Sri Lankan engineering company Dynamic Technologies. The structure will be built in Sri Lanka and shipped to the Indian Ocean island. The France-based cement producer and the engineering company developed a similar facility in Mayotte earlier this year.
Bruno Roux appointed President and CEO for Lafarge Eastern Canada
Bruno Roux has been appointed President and Chief Executive Officer for the Eastern Canada business unit of Lafarge Canada Inc. In his new role, Mr Roux will serve as Lafarge's senior leader for all market areas and product lines in Ontario, Quebec, and the Atlantic provinces. Mr Roux will also join the Board of Directors of Lafarge Canada Inc. Mr Roux's responsibilities include all operati...
Vietnam approves Vicem privatisation schedule
Vietnam’s Ministry of Construction has approved the privatisation schedule of Vietnam Cement Industry Corporation (Vicem), the country's largest cement producer, under which Vicem will have to sell shares of its parent firm in October 2015. Vicem has been required to announce its corporate valuation by the end of April and submit its privatisation plan to the ministry by end-June, the Dau Tu...
FCC to transfer rescue funds to Portland Valderrivas
Spanish builder Fomento de Construcciones & Contratas SA (FCC) is to help its cement unit Cementos Portland Valderrivas make a debt payment by transferring rescue funds, according to reports by Bloomberg citing sources familiar with the matter. FCC has reportedly received approval to creditors to transfer some EUR20m to Cementos Portland, which owes lenders EUR50m on 30 September, the sources...
Lafarge Africa completes consolidation process
Lafarge Africa Plc, formerly Lafarge Cement Wapco Nigeria Plc, has announced the completion of its acquisition of the Lafarge group’s shareholdings in Lafarge South Africa Holdings and United Cement Co of Nigeria. Guillaume Roux, Lafarge Africa Group Chief Executive Officer, told reporters in Lagos yesterday that the company had received all shareholder and regulator approvals and met all the...
Lucky alters ownership structure of coal-based power project
Lucky Cement has announced a change in the planned structure of its 660MW coal-based power plant, according to a company notice issued to the Karachi Stock Exchange, The board of directors of Lucky Cement has decided that Lucky Electric Power Company Ltd will be a wholly-owned subsidiary of Lucky Cement instead of Lucky Holdings Ltd. Intially, the group planned to set p the power plant a...
Lafarge to sell Russian plant to Buzzi Unicem
Buzzi Unicem, through its fully-owned subsidiary Dyckerhoff GmbH, has reached an agreement to acquire a 100 per cent interest in Lafarge's UralCement plant in Russia for an enterprise value of EUR104m. The 1.1Mta wet-process plant is located in the town of Korkino, some 40km south of Chelyabinks. The transaction is subject to authorisation from relevant authorities. The divestment will con...