Cement News tagged: Corporate
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...
Cementos Molins buys Cemex’ Sant Feliu works
Cementos Molins has reached an agreement with Cemex to buy the latter’s Sant Feliu de Llobregat cement plant near Barcelona. The Sant Feliu works has been out of action for months due to the downturn in the Spanish cement market. However, for now, Cementos Molins does not expect the reactivation of the plant any time soon. The main interest for the plant stems from its market, which will e...
Holcim to sell its operations in New Caledonia
Holcim will sell its operations in New Caledonia (Holcim Nouvelle Calédonie SA) to Tokuyama Corporation of Japan for an undisclosed amount. Holcim Nouvelle Calédonie SA, which runs a 200,000tpa grinding plant, has always been “slightly isolated from the rest of the group’s assets,” the company said in statement, making this divestment a strategically viable solution. Tokuyama will acquire ...
Indonesia's largest cement producer records 14.7% sales increase
PT Semen Indonesia (Persero) recorded a 14.7 per cent increase in cement sales last year, exceeding the country's average increase of 14.5 per cent and representing a 44 per cent market share. Semen Indonesia is the country's largest cement producer with production units in Gresik, West Sumatra and South Sulawesi, Indonesian news agency ANTARA reported. Rudi Hartono, head of Semen Indone...
India: HeidelbergCement gets shareholders nod to raise up to INR20bn
HeidelbergCement said its shareholders have accorded approval for raising funds up to INR20bn (US$340m) through borrowings. The shareholders had approved the proposal at its annual general meeting that took place on 16 May, HeidelbergCement said in a BSE filing. Shareholders have delegated to Board the authority "for borrowing from time to time, as it may think fit, any sum or sums of mone...
South African firm stakes NGN45.7bn on Dangote Cement
Public Investment Corporation of South Africa (PIC) Monday bought 255,607,605 shares or 1.5 per cent of Dangote Cement Plc for NGN45.75bn (US$0.29bn) from Dangote Industries. PIC is owned 100 per cent by South African government and it has funds valued at US$115bn under its management. Although no explanation was given by Dangote Cement regarding the acquisition, PIC is now holding 1.5 per ...
USA: KapStone Paper to buy Longview Fibre for US$1.03bn
KapStone Paper and Packaging Corp said on Monday it struck a deal to buy Longview Fibre Paper and Packaging Inc for US$1.03bn in cash, in a move to bulk up its production of containerboard used in making cardboard boxes. KapStone Chairman and Chief Executive, Roger W Stone, said the acquisition will immediately increase the company’s earnings and generate strong cash flow. He added that the f...
Holcim reduces capital in Spain by 75%
The challenging state of the Spanish cement market has prompted Holcim to reduce its capital in Spain by 75 per cent or EUR568m. The capital reduction will be carried out by reducing the nominal value of shares, is the direct consequence of the losses registered by the Switzerland-based company in the past few financial years. ??At the start of the year, Holcim announced the closure of its ...