Cement News tagged: Corporate
Dirk Hoke appointed CEO of Siemens Large Drives Business Unit
On July 1, 2014, Dirk Hoke took over as CEO of the Large Drives Business Unit of the Siemens Drive Technologies Division. The 45-year-old graduate engineer joined Siemens in 1996 and started his career at Transportation Systems Division. Subsequently, Hoke held management posts in rail electrification, traction technology and power supplies at Siemens locations in Germany and other countrie...
HeidelbergCement looking to shed assets
HeidelbergCement is reportedly looking to sell off its US and British construction materials business this year in a bid to position itself for some assets that may be put on the block as part of the Lafarge Holcim merger, a source with knowledge of the company's plan told Reuters. The German cement major had said it can wait to get the best price for the business in the US and Britain, which...
GCR affirms ARM Cement's ratings, outlook Stable
Global Credit Ratings (GCR) has today affirmed the national scale ratings assigned to ARM Cement Ltd of A(KE) and A1(KE) in the long term and short term respectively. The outlook is Stable. GCR said the Kenyan cement producer's well-entrenched position in the East African cement industry has been augmented by an aggressive roll-out of capacity in the past five years. With the completion of ...
Martin Marietta and TXI confirm agreement with US Department of Justice
Martin Marietta has reached an agreement with the US Department of Justice (DOJ), approved by the district court for the District of Columbia, that resolves all competition issues with respect to Martin Marietta's proposed acquisition of Texas Industries, Inc. Under the terms of the agreement with the DOJ, Martin Marietta will divest its North Troy aggregate quarry in Mill Creek, Oklahoma an...
Lafarge Pakistan to go under hammer
Three leading Pakistan cement producers are gearing up to acquire a majority holding in Lafarge Pakistan, with the bidding process expected to be concluded in the coming weeks. Bestway Cement, DG Khan and Kohat Cement, have received approval from their respective board of directors to separately bid for the acquisition of acquisition of 1.1bn ordinary shares of PKR10 each of Lafarge Pakistan...
Bamburi Cement names new CEO
Bamburi Cement, part of the Lafarge group, has announced the appointment of Bruno Pescheux as chief executive officer and a member of the Board of Directors, effective 21 July 2014. Mr Pescheux previously held the position of CEO of Lafarge Syria. He takes over from Hussein Mansi who has been Bamburi Cement’s CEO over the past five years.
Saudi on course for full demand recovery in 4Q14
Saudi cement sector is currently showing signs of recovery, with demand beginning to return to its normal levels, a new report by NCB Capital reveals. Mohamed Tomalieh, equity research analyst at NCB Capital, said: “The average YoY decline in sales since November 2013 stood at 7.9 per cent but sales in May 2014 increased 3.1 per cent YoY, the first increase since the end of the amnesty perio...
Italcementi Finance signs credit facility, Italy
Italcementi Finance SA, a subsidiary of Italian cement maker Italcementi, has signed with a group of 14 international banks a syndicated revolving credit line for EUR450m with a five-year maturity, replacing a EUR920m credit line maturing in September 2015. The previous loan has not been used, hence there are no impacts on the group's total debt, a statement read. The new credit line envisag...
Acquisition of Corporate Scientific Claisse Inc
Spectris has acquired the business and assets of the Canadian company La Corporation Scientifique Claisse Inc for an undisclosed sum. Claisse designs, manufactures and sells consumables and instruments used to prepare consistent and comparable samples for spectroscopic analysis in mining, pharmaceutical, academic research and industrial applications. Claisse will become part of the Mat...
JP Morgan Chase & Co acquires shares in Anhui Conch Cement
JP Morgan Chase & Co bought 257,000 shares in Anhui Conch Cement Co Ltd worth HK$ 7.03m on 13 June 2014, sources reported, citing the Hong Kong Stock Exchange. After the purchase, the USA financial institution holds a combined 143.16m shares in the cement manufacturer, accounting for an 11.01 per cent stake.
Ciments Français: Paris stock exchange delisting
The offer of voluntary actions to buy Ciments Français shares at the price of EUR79.50 promoted by Italcementi, was approved by the AMF on 10 June and will run from 13 June until 3 July 2014. The offer, as previously announced, is aimed at delisting of the shares of Ciments Français from the Paris Stock Exchange. Therefore, if the tender offer results in Italcementi holding a stake of more th...
India: UltraTech completes deal to buy Jaypee Cement
Jaypee Cement Corporation unit in Gujarat, India, will come into UltraTech Cement's possession following approval for the acquisition from the Bombay and Ahmedabad High Courts. The deal includes the 4.8Mta cement plant with a 57.5MW coal-based thermal power plant, limestone reserves for over 90 years and a captive jetty at Sewagram for an enterprise value of INR38000m (US$637.8m). The compan...
New ACC chief executive officer appointed
ACC Ltd, part of the Holcim group, said on Wednesday that it had appointed Harish Badami as the chief executive officer (CEO) and managing director (MD) of the company. In a statement filed to the exchanges, the company said Mr Badami will take over from Kuldip Kaura, the incumbent CEO and MD, as of 13 August 2014 for a period of five years. ACC is India's second-largest cement producer.
Semen Indonesia provides loan to Gresik, Indonesia
Semen Indonesia is to provide a IDR5trn loan (US$421.76m) to subsidiary Semen Gresik to partly finance the latter’s new cement plant in Central Java, according to an announcement posted on the Indonesia Stock Exchange. The loan agreement, which amounts to IDR5.07trn when taking interest into account, was signed on Monday. Semen Gresik is constructing an 8000tpd greenfield works situated j...
UltraTech in talks to buy further Jaiprakash assets
UltraTech Cement is reportedly in talks to buy further cement assets from Jaiprakash Associates, two sources with knowledge of the matter have told local press. The talks are centred on UltraTech acquiring Jaiprakash’s Rewa complex in Madhya Pradesh, to help the latter company reduce its debt burden. Last year, UltraTech agreed to buy Jaiprakash’s cement assets in Gujarat which have a cement...
Italcementi prices EUR500m capital increase at EUR4.825/share
Italian cement major Italcementi said its EUR500m capital increase will be priced at EUR4.825/share. The rights issue, part of a plan to strengthen and streamline the group's capital and structure announced on 6 March, is aimed at funding the tender offer on Ciment Francais expected to be launched by the end of the month at a price of EUR79.5/share. The capital increase, due to start on 9 Ju...