Cement News tagged: Corporate
Buzzi Unicem launches bonds, Italy
Italy’s second-largest cement producer Buzzi Unicem launched on Tuesday the placement of equity-linked bonds worth EUR200m maturing in July 2019. The bonds may be converted into ordinary shares of the company, subject to approval of an extraordinary general meeting, according to a statement by Buzzi. They will be issued at par and be offered with a yearly coupon between 1.275 per cent and 2.1...
Vicem sales rise 17.3% in first half 2013
Vietnam Cement Industry Corporation (Vicem) sold 11.69Mt of cement and clinker in the first six months of 2013, representing a YoY increase of 17.3 per cent and fulfilling 51.9 per cent of its whole-year target. The corporation, which is the largest cement producer in the Southeast Asian country, produced 8.3Mt of cement and 8.2Mt of clinker in the six month period, a rise of 11.8 and 14.6 p...
Huaxin subsidiary to buy 20% of Shide Golden Eagle Cement, China
Huaxin Cement announced that its wholly-owned subsidiary Huaxin (Hong Kong) International Holdings, has signed an agreement with Starry Cosmos Group Ltd to acquire a 20 per cent equity in the latter’s Shide Golden Eagle Cement (Hong Kong) Co. Shide Golden Eagle Cement (Hong Kong) owns 99.8 per cent equity in Enping Shide Golden Eagle Building Material Co. Enping Shide is constructing a 4000tp...
India: power advantage for Madras Cements
Analysts predict that Madras Cements Ltd should record 9-10 per cent volume growth through FY14 and FY15 on the back of power generation projects, additional capacity and a gradual improvement in the cement market. Given that power comprises a significant portion of cement production costs and given Madras Cements’ presence in the power-starved southern states of Tamil Nadu and Andhra Prade...
Huaxin Cement subsidiary buys stake in Success Eagle Cement
Huaxin Cement Ltd's wholly-owned Hong Kong subsidiary recently signed an equity transfer agreement with Starry Cosmos Group Ltd to acquire a 20 per cent stake in Success Eagle Cement (Hong Kong) Ltd for HKD75m (US$9.7m), the company announced on 3 July After the deal, Huaxin Cement's Hong Kong subsidiary will hold a 65 per cent stake in Success Eagle Cement.
Dudman sells UK cement trading business
The privately-owned Dudman is withdrawing from cement trading and has sold its four English cement terminals, in Sussex, Suffolk, Yorkshire and Merseyside and its one terminal at Montrose in Scotland to CRH. This will take the number of Irish multinational's British marine terminals to seven, all of which will be supplied from either Ireland or from the Cementos Lemona works in Spain. ...
CCI approves sale of Lafarge India stake
The Competition Commission of India (CCI) has cleared the proposed 14 per cent sale of Lafarge India Pvt Ltd to Baring Private Equity Asia. "The combination is not likely to have appreciable adverse effect on competition in India and therefore, the Commission hereby approves the combination under... the (Competition) Act," CCI said in its order dated June 26. In May Baring Private Equity...
Holcim to restructure Indian operations?
Holcim is reportedly planning to restructure its Indian operations which could see the merger of its two local subsidiaries, ACC and Ambuja Cements. Citing various sources familiar with the situation, the Economic Times of India reported that the Swiss cement major has called on a global investment bank to evaluate various options on how the two operations could be combined. Holcim owns a 5...
HSBC sees robust recovery in ROI at Holcim
HSBC lifts Holcim to overweight from neutral, saying it sees a buying opportunity in cement stocks after a recent falling of share prices. The bank also sees a robust recovery in return on invested capital at Holcim. It reduces target to CHF77 from CHF80.
CRH: acquisition and investment update, Ireland
Irish building materials major CRH plc announced it has undertaken 17 acquisition and investment initiatives during the first half of 2013. These transactions, together with the acquisition of Cementos Lemona in Spain (acquired as part of the Uniland asset swap announced in February) and net deferred consideration payments, bring development spend for the first half of 2013 to approximately €4...
Cementos Bío Bío appoints new CEO, Chile
Chilean cement firm Cementos Bío Bío has appointed Iñaki Otegui as CEO effective 1 August 2013, the company said in a filing to local securities and insurance regulator. Otegui replaces Jorge Matus, who resigned after 39 years with the cement producer. Cementos Bío Bío is Chile's largest cement producer with four integrated plants at Curicó, Antofagasta, Talcahuano and San Antonio and a tota...
CRH plc announces non-executive board member, Ireland
The Board of CRH plc announced the co-option to the Board, with effect from 1 July 2013, of Mr Donald A McGovern, Jr as a non-executive director. Mr McGovern (62), a United States citizen, is currently Vice Chairman, Global Assurance at PricewaterhouseCoopers (PwC), a position he has held since July 2008. Mr McGovern will retire from PwC on 30 June 2013, following a 39 year career with the ...
Thailand: Siam Cement may raise sales target, core businesses strong
Thailand's top industrial conglomerate, Siam Cement Plc, is considering raising its 2013 sales growth target due to a strong first-half performance in its core cement businesses, petrochemicals and paper, its chief executive said. Both domestic and foreign markets have shown higher-than-expected growth so far this year, Kan Trakulhoon told reporters on the sidelines of a seminar. The company...
Dominican Republic cement association names new president
The Dominican cement producers association, Adocem, has appointed Carlos González, as president for 2013-14. Mr González is also president of Cemex in the country. "We must always remember that the cement industry has had a highly successful development and has corresponded with the goals of the progress of the country, thanks to the vision of great local entrepreneurs and foreign investors w...
Votorantim Cimentos reschedules IPO, Brazil
Votorantim Cimentos SA has postponed its US$4.8bn initial public offering until later this year, after cancelling plans to launch the deal this week. On Wednesday, Brazil's largest cement producer confirmed it has ditched plans to launch the IPO, but said it will bring the deal back to market later this year on 11 September 2013. A source close to the situation had previously said th...
Texas Industries announces new chairman of the board, USA
Texas Industries, Inc announced that its Board of Directors has named Tom Ransdell as its Chairman of the Board following the untimely death of Bob Rogers on 11 June 2013. Mr Rogers was the son of the founder of TXI, Ralph Rogers, and was CEO of the company from 1970 until 2004 when he retired. From 2004 until June 11, 2013 he served as Chairman of the Board of TXI. "His foresight to encour...