Cement News tagged: Corporate
LKAB Minerals is set to acquire Francis Flower
LKAB Minerals of Sweden is working on a deal to complete the acquisition of Francis Flower by 3 December 2018. The Austrian Competition Authority gave clearance for the acquisition on 10 October. Francis Flower operates a 0.55Mta grinding unit for ground granulated blastfurnace slag (GGBS) cement in Scunthorpe, Lincolnshire, UK. The company also has five main storage locations and a network o...
Mario Gross steps down as CEO of Lafarge Malaysia
Mario Gross of Lafarge Malaysia stepped down from his role as president and CEO of the company on Friday, after seven months in the position. Mr Gross has been assigned to a new role in the LafargeHolcim group but will also continue as a non-independent non-executive director from 16 November to 31 December this year to facilitate the transition. "During his tenure here, Gross laid the grou...
Cementos Melon completes plant expansion
Chile-based Cementos Melon has completed the expansion of its Puerto Montt cement plant following an investment of US$25m. The project doubles the facility’s cement capacity to 0.6Mta and will enable the company to better serve the local markets. The Puerto Montt facility supplies the markets between Araucania and Magallanes, south of Santiago and will support infrastructure development in s...
Apo Cement announces PHP10 price hike
Philippines-based Apo Cement has announced a PHP10 (US$0.19) price hike on its cement products in some regions of the country, following the suspension of its main raw material supplier, APO Land & Quarry Corp. "APO Cement continues to adopt measures to cope with the challenges of not having equitable sources of raw materials to produce cement," stated the company. "APO is announcing a P...
Anjani Portland records 15% net sales increase
India’s Anjani Portland Cement has reported a 15 per cent increase in net sales to INR1.05bn during the 2QFY18-19 ended 30 September, rising from INR912.9m of the year-ago period. However, net profit has fallen 51.6 per cent YoY to INR32.3m from INR66.8m. In the first six months of the fiscal year, net sales advanced 12.2 per cent to INR2.07bn. Whereas net profit declined 33.6 per cent to fi...
Cementos Argos reports 13% rise in 3Q net income
Cementos Argos revenues edged up 1.1 per cent to COP2218bn (US$692.6m) in the third quarter of 2018 from COP2194bn in the 3Q17. In terms of sales volumes, the company increased its cement sales by 2.2 per cent to 4.242Mt and ready-mix concrete (RMC) volumes by 1.3 per cent to 2.699Mm 3 in the quarter, reflecting improved dynamics in all regions. The company's EBITDA increased 4.3 per cent Y...
Dalmia Bharat Group to challenge NCLAT ruling
Dalmia Cement (Bharat) Ltd has petitioned the Supreme Court, challenging the appellate tribunal's ruling to support UltraTech's plan for Binani Cement over the latter's acquisition by Dalmia Bharat Group. The matter is now due for a special hearing on Monday 19 November. The National Company Law Appellate Tribunal (NCLAT) ruled that approval had been given to UltraTech's acquisition of Binani...
Dandot Cement of Pakistan expects investment from new buyer
In its newly-released 2018 annual report, Pakistan-based Dandot Cement Co says it has received a firm intention from Calicom Industries (Pvt) Ltd to acquire control and 63,542,787 voting shares (67 per cent of paid up capital) of the company. The new buyer is expected to invest in the modernisation of electrical equipment at its facilities. The report adds that on 5 November 2018, the fi...
Sephaku Cement looks to cost-cutting measures despite net profit rise
Sephaku Holdings is embarking on a cost-reduction programme to reduce head office expenses over the next year. The initiative is in response to the current declining demand due to the depressed macro-economic performance. Initially, the board of directors have been cut from 10 to seven by not replacing Mpho Makwana, Rose Raisibe Matiju and Kennet Capes who resigned their positions recently....
JK Lakshmi reports 41% fall in net profit
India’s JK Lakshmi Cement has reported a 41 per cent YoY fall in net profit for the 2QFY18-19 ended 30 September, to INR78.1m (US$1.08m) from INR132.3m. However, total income rose 9.2 per cent to INR8.66bn, compared to INR7.93bn of the year-ago period. The company also recorded production and sales growth of 13 per cent in the second quarter.
Mangalam Cement records 22% income increase
India-based Mangalam Cement Ltd has announced a 22.4 per cent YoY increase in total income to INR2.91bn (US$40.3m) for the 2QFY18-19, rising from INR2.38bn. Net profit advanced 191.8 per cent to INR31.25m from INR10.71m in the year-ago period. In the six-month period ended 30 September, total income was up 3.2 per cent YoY at INR5.5bn. However, the company also recorded a net loss of INR121m...
Kuwait Portland Cement reports KWD7.8m in 9M profit
Kuwait Portland Cement has posted a net profit of KWD2.4m (US$7.9m) in 3Q18, down 23.1 per cent when compared with KWD3.12 in 3Q17, according to a company statement on the Kuwaiti stock exchange. For the 9M18, profits fell 4.5 per cent to KWD7.82m from KWD8.19m in the year-ago period. Operating profits fell five per cent YoY to KWD5.4m.
APO Cement announces job layoffs
APO Cement is laying off 30 per cent of their regular employees and up to 40 per cent of their contractual workers. The announcement came as a shock to employees after the workers' general assembly meeting. The lay-offs will come into effect on 13 December 2018 and will last for at least six months. The decision stems from the suspension of the quarry operations of Apo Land and Quarry Corp (A...
UltraTech's bid for Binani approved by NCLAT
A bid submitted by India’s UltraTech Cement to acquire Binani Cement has received approval from the National Company Law Appellate Tribunal (NCLAT). A two-member bench of NCLAT, headed by Chairman Justice S J Mukhopadhaya, approved the company’s resolution plan and said that the plan submitted by Dalmia Bharat’s Rajputana Properties was “discriminatory” against some financial creditors, acco...
WCA General Assembly to be held in December
The General Assembly of the World Cement Association (WCA) will be held on Wednesday, 5 December 2018 in the Royal Garden Hotel, London. CEOs and senior executives from WCA member companies will come together at its second General Assembly to discuss the global challenges facing the cement industry and to outline a plan for the future. The association, representing a total cement capacity of...
Semen Indonesia to buy LafargeHolcim’s Indonesian unit
Indonesia's largest cement producer, Semen Indonesia, is buying the local business of LafargeHolcim for around US$940m. LafargeHolcim is disposing of its entire 80.6 per cent shareholding in Holcim Indonesia. The transaction will merge the operations of Indonesia's largest and third-largest players, representing a significant consolidation in the industry. PT Semen Indonesia currently holds ...