Cement News tagged: Corporate
Texas Industries working with Citigroup for possible sale, USA
The owners of Texas Industries are reported to be exploring a sale of the Dallas-based company, Bloomberg reported, citing three people with knowledge of the matter. Southeastern Asset Management Inc. and NNS Holding, the two largest shareholders, have been looking to sell their stakes for some time, though they may struggle to get a price they deem sufficient, one source said. Vulcan Materi...
HeidelbergCement India likely to raise more funds
HeidelbergCement India’s board will meet to consider raising INR3.7bn (US$59.5m) by issuing non-convertible debentures (NCDs) on private placement basis. “... a meeting of the board of directors of the Company will be held on 16 December 2013, inter alia, to consider issuance and allotment of the debentures aggregating to INR3.7bn,” the company said. It was planning to issue Indian rupee-den...
India: Dalmia Cement plunders executives from Shree
Mahendra Singhi has joined the Dalmia group has its new managing director from rival Shree Cement where he had spent 19 years, with his last position being executive director. His aim will be to consolidate cement operations and build efficiencies while working with private equity investor KKR. The US-based fund KKR, which invested US$125m in the cement company in 2010, helped Dalmia imp...
Nigeria: Dangote investment drive not only in cement
Dangote Group, plans to invest about US$16bn in cement, petrochemicals and agriculture over the next four years. "We are investing US$4.7bn to finish our projects in cement in about 18 countries, including Nigeria," Aliko Dangote told Bloomberg. "We are also spending about US$2.3bn on agriculture, which is sugar and rice." The investment will help the Lagos-based company grow by almost a thi...
Citigroup raises HeidelbergCement price target
Analysts at Citigroup have raised the price target for HeidelbergCement and given the German cement major a "buy" rating. The price target was set at EUR61-62. At a current price of the HeidelbergCement stock of EUR54.20 this means an upside potential of 14.39 per cent. The outlook for building materials manufacturers in Europe is improving, according to analyst Aynsley Lammin in a sector r...
Titan long-term ratings lifted
The long-term ratings on Greece-based cement producer Titan Cement have been lifted by ratings agency Standard & Poor's (S&P) to 'BB' from 'BB-'. At the same time, it affirmed the 'B' short-term rating on Titan Cement. S&P has removed all the abovementioned ratings from CreditWatch, where Titan was placed with positive implications on 26 November, 2013. The outlook is stable. Titan Cem...
Indocement eyes 6% sales growth in 2014
Indocement has set a growth target of six per cent next year on the back of new capacity additions and rising domestic demand. In the first nine months of the year, the company increased total cement and clinker volume by just 0.6 per cent per cent. The Citeureup works is adding 1.9Mta of grinding capacity later this year which will boost total capacity to 20.6Mta. It is further adding 4.4Mt...
Habesha signs loan agreements to finance new plant construction, Ethiopia
Habesha Cement has signed loan facilitation agreements for the construction of a new 1.4Mta greenfield cement plant in Ethiopia. The Development Bank of Ethiopia (DBE) has signed a ETB630m loan agreement with the company at its headquarters on 19 November 2013, according to reports by the Addis Fortune. The loan is to be paid back over a period of 7-9 years. Loan agreements were also s...
KHD recommends shareholders accept AVIC offer
The management and supervisory board of KHD Humboldt Wedag International have recommended company shareholders accept a takeover bid from AVIC International at the offer price of EUR6.45/share. The offer price corresponds to a premium of 34.9 per cent on the average closing price of the KHD share over the three-month period prior to announcement of the offer on October 10, 2013. KMPG, who w...
Industry appointments at Ambuja and ACC
The Holcim Group has appointed Bernard Trever has an additional director on the board of Ambuja Cements Ltd. Mr Trever has over 35 years of experience in the cement business and has been part of Holcim Ltd since 1994 where he has held senior positions including that of Chief Executive Officer of Holcim Colombia and Holcim US. Meanwhile, ACC's chief executive and managing director Kuldip Kaur...
Fitch affirms Holcim (Costa Rica) rating
Fitch Ratings has affirmed it AAA(cri) rating with a stable outlook for Holcim (Costa Rica) and its subsidiaries, according to a report from the ratings agency. The rating is attributed to Holcim 's strong market position in Costa Rica where it operates a 1.5Mta integrated cement plant, and strong generation of cash flow. Cemex is the only other cement producer in Costa Rica, with two plant...
UltraTech Cement appoints independent director
India’s largest cement producer UltraTech Cement said its board of directors has appointed Arun Adhikari as additional director (Independent) to the board, effective 3 December 2013. Adhikari is an alumni of the Indian Institute of Technology, Kanpur and the Indian Institute of Management, Calcutta.
Sino-Zimbabwe boosts clinker capacity
Sino-Zimbabwe has completed phase one of its plant modernisation programme by increasing clinker production capacity by 40 per cent. Capacity of the plant has now been increased to 700tpd. Phase two of the project, due for completion this year, involves upgrades to warehouses and storage facilities. Further modernisation measures are planned for next year. The new project will also redu...
HeidelbergCement issues Eurobond
HeidelbergCement yesterday priced a Eurobond issue under its EUR10bn EMTN programme with an issuance volume of EUR500m and a maturity date of 21 October 2021. The proceeds of the transaction will be used for general corporate purposes, the German cement major said in a statement. The eight year bond bears a fixed coupon of 3.25 per cent per annum. The issue price is at 99.337 per cent, result...
Prism Cement's credit metrics seen improving from FY15
India-based cement producer Prism Cement Ltd is expected to see an improvement in credit metrics from FY15 on the back of an overall improvement in operating efficiency and an absence of any debt-led capex, according to a recent note by India Ratings. It has assigned Prism Cement Limited (PCL) a Long-Term Issuer Rating of 'IND A-'. The Outlook is Stable. The research house notes that the sh...
Sichuan Shuangma to acquire stake in Dujiangyan Lafarge
Sichuan Shuangma Cement Co says it plans to acquire a 25 per cent stake in Dujiangyan Lafarge Cement from Lafarge China Offshore Holding Company for about CNY832m (US$136.5m). Sichuan Shuangma has said the acquisition will be via shares issuance of about 147.58m shares at CNY5.64/share.