Cement News tagged: Corporate
Mamba Cement to build new South Africa plant
Nedbank Capital and the Bank of China Johannesburg have jointly announced the raising of debt capital to fund a new entrant into the South African cement industry. The project is being undertaken by the Mamba Cement Company, a special purpose vehicle established to construct and operate the cement production facility and mine the limestone. The equity required for the project was provided...
Change in the senior management of Holcim
Onne van der Weijde, area manager for India until April 25, 2014, and member of Holcim senior management, leaves Holcim effective 1 June 2014, the company said in a statement. Member of the Holcim Executive Committee Bernard Terver, responsible for the Indian Subcontinent, takes over direct responsibility for the country. "Holcim thanks Onne van der Weijde for his contributions to the succ...
Indocement outlines 2014 capex
PT Indocement Tunggal Prakarsa, part of the HeidelbergCement Group, plans to spend between IDR4.5trn (US$390.07m) and IDR5trn in capital expenditure this year, up from last year's IDR2.1trn, Reuters cited company Finance Director Tju Lee Sukanto as saying. Indonesia’s second-largest cement producer commissioned an additional 1.9Mta of grinding capacity during the first quarter of this year....
Cemex CEO Zambrano dies
Cemex’s chief executive officer, Lorenzo Zambrano, who led the Mexican cement major for almost three decades, has died aged 70. A statement by the company said that Mr Zambrano passed away in the Spanish city of Madrid on 12 May 2014 of natural causes. Lorenzo H. Zambrano (1944-2014) A grandson of the company’s founder, Mr Zambrano joined Cemex in 1968 and worked his way through t...
China Resources Cement 1Q14 profit rises 69.6%
China Resources Cement said its profit attributable to owners for the three months ended 31 March 2014 rose 69.6 per cent YoY to HK$768m. Turnover was HK$6797m, an increase of 13.8 per cent from a year earlier. The gross profit grew 55.2 per cent YoY to HK$2162m. The consolidated gross margin for the reporting period was 31.8 per cent, representing an increase of 8.5 percentage points from 23...
Cementir advances in Nordic area and Turkey
Cementir showed a 6.1 per cent recovery in first quarter turnver to EUR206.6m and EBITDA jumped from EUR9.2m to EUR24.6m, reflecting improved profits from the Nordic countries and from Turkey. At constant exchange rates, the turnover would have been ahead by 17.1 per cent. The trading loss recorded in recent first quarters was replaced by a EUR4.9m profit this time, while the pre-tax l...
Ancap notes record loss for 2013
Uruguay’s Ancap closed 2013 with a record loss of US$150m. The company attributed the result partly to developments in the exchange rate, which impacted the cement producer significantly as it borrows in US dollars. However, Ancap has been able to pay the US$513m debt with PDVSA, allowing it to reduce its dollar position and limiting the 2013 loss. CEO, José Coya, said the company will de...
Egypt: Arabian Cement seeks to raise US$120m from IPO
Arabian Cement Company has set the price for its initial public share offer (IPO) at EGP9 (US$1.28) a share after a private placing was 11.3 times oversubscribed, the company said on Sunday. The offer, whereby Arabian Cement is seeking to raise around US$120m will make it the first major company to enter the stock exchange since the overthrow of Hosni Mubarak in 2011. The company plans to...
Raysut posts flat quarterly profit, Oman
Raysut Cement, Oman's largest cement producer by market value, reported a flat first-quarter profit on Monday. The company made a profit of OMR8.23m (US$21.4m) in the three months to 31 March, up from OMR8.17m in the year-earlier period, according to a statement to Muscat's bourse.
Several companies show interest in Lafarge Pakistan
In response to a notice sent to the Karachi Stock Exchange by Lafarge SA to divest its entire holding (75.86 per cent) in Lafarge Pakistan Cement Limited (LPCL), local as well as international players have shown interest in acquiring the company. While the acquisition remains in the due diligence phase at the moment, seven companies/groups are currently believed to be vying for LPCL namely: ...
Union Cement first quarter net profit jumps, UAE
Union Cement Co posted a AED18.2m (US$5m) profit for the first quarter of 2014, a 220 per cent increase compared with AED18.2m a year earlier. Revenues for the first quarter declined to AED138.5m, compared to AED 161.7m in year-earlier period.
Buzzi Unicem 1Q14 cement sales rise by 15%
Buzzi Unicem has announced that in the first quarter 2014, cement and ready-mix concrete demand increased in all geographical areas of group operations compared to the same period a year earlier. Domestic deliveries in Italy were still difficult, but some progress was made in sales of clinker. Cement sales by the group at 4.8Mt in 1Q14 were up 15.2 per cent from 1Q13. Volumes showed robust ...
1Q14 turnover declines for Italcementi, while EBITDA recovers
Italcementi's first quarter turnover declined by 3.3 per cent to EUR932.9m while the running EBITDA staged a 10.2 per cent recovery to EUR95.5m. The trading loss was reduced by 74.6 per cent to EUR4.2m and net interest charges increased by 29.3 per cent to EUR33.2m. The pre-tax loss increased by 19.6 per cent to EUR44.2m, but a lower tax charge reduced the net attributable loss by 12.7 per ce...
Tanzania: Banco Products to sell stake in Lake Cement
Baroda-based Banco Products India Ltd, along with its subsidiaries, has decided to sell its Tanzania-based cement unit Lake Cement Ltd for US$17.68m, according to a stock market disclosure. Banco Products acquired a 51 per cent equity stake in the 0.5Mta Lake Cement in July 2010. The name of the buyer has not been disclosed. While Banco Products will be directly selling 3721 equity shares ...
Andres Evertz becomes new Schenck Process CEO
Andres Evertz became Schenck Process CEO on 5 May 2014. He will lead the company in close coordination with the two other Managing Directors, Mike Petkovich and Wolfgang Kleinschmidt. Andreas Evertz has many years of experience in industries relevant to Schenck Process, most recently as an executive board member of the Swedish industrial group Sandvik and many years as CEO of Walter AG, a ma...
Taiwan Cement acquisition deal rejected
Shares of Taiwan Cement Corp (TCC) moved lower on Wednesday after Chia Hsin Cement Corp rejected a deal in which TCC would have acquired all of TCC International Holdings Ltd's outstanding shares, dealers said. TCC owns a majority stake in TCC International Holdings Ltd. Currently, Chia Hsin Cement holds a 15.8 per cent stake in Hong Kong-listed TCC International Holdings and the rejection of...