Cement News tagged: Corporate
China Resources in proposed joint-venture agreement, China
China Resources Cement has entered into a two-year framework agreement with Zhihai Group Co Ltd to establish a joint venture. The new venture intends to acquire clinker production lines with a capacity of around 1.55Mta, cement grinding lines with amounting to around 4.3Mta and concrete batching plants with a total capacity of about 5.8Mm3. China Resources will hold the majority interest...
CRH and Cementos Portland Valderrivas confirm asset swap agreement
CRH plc and Cementos Portland Valderrivas SA have reached agreement on an asset swap in relation to certain Spanish assets, effective immediately. The deal involves operations in Spain and the UK. CRH said in a statement that it will transfer its 26 per cent stake in Corporacion Uniland SA to CPV. In consideration, CPV will transfer its 99 per cent stake in Cementos Lemona SA to CRH. ...
East African Portland Cement eyes expansion
Kenya’s East African Portland Cement Co (EAPCC) is exploring the option of expanding its operations both at home and in neighbouring Tanzania, according to reports by Reuters. “We are now discussing the financing of these projects,” Reuters quoted managing director, Kephar Tande as saying. Cost cutting measures and improved cement sales helped EAPCC post a profit for the first six months of ...
Two frontrunners emerge for Jayajothi Cements stake, India
Citi Venture Capital International (CVCI) and Blackstone have emerged as the two private equity (PE) investors shortlisted by the Shriram Group to purchase a stake in its Jayajothi Cements cement unit. The Times of India reports that the two companies are vying for a "big stake“ in Jayajothi Cements but with Shriram continuing to manage the cement unit. Shriram had explored options of selling...
India’s COMPAT hears petitions on cartel ruling
India’s Competition Appellate Tribunal (COMPAT) has begun hearing the petitions filed by cement firms on a US$1.1bn penalty imposed on them by the Competition Commission of India on grounds of cartel practices. A COMPAT bench, headed by its chairman Justice VS Sirpurkar, began hearing the petitions last week and the hearings are expected to resume today (Monday 25 February) and be carried o...
Italcementi launches five-year bond, Italy
Italcementi, the fifth-largest cement producer in the world, has launched a five-year bond of EUR350m at an issue price of EUR99.477 and a coupon of 6.125 per cent, according to reports in La Stampa. At the closure of the placement, orders exceeded EUR 2.5bn. Credit rating agency Moody's has rated the Italcementi bond Ba2 with a "negative" outlook. For 2013, Moody's expects Italcementi to fa...
Zuari Cement recognised for marketing activities
Zuari Cement has won the 2012 Zee Business brand excellence award for Marketing Communications. This annual award is endorsed by the World Brand Congress & Asian Confederation of Businesses and entrants are judged by a jury. The award gives recognition to those brands and marketeers who have achieved success through innovative and effective marketing practices, with regard to particular c...
Lafarge improves operational performance
Full-year 2012 results published by global cement major Lafarge showed strong growth in emerging markets and improvements in operational performance, and it now expects to meet most of its cost-cutting goal one year ahead of target. Lafarge's turnover increased 3.5 per cent last year to EUR15,816m and EBITDA by 7.2 per cent to EUR3450m. The trading profit showed a 12 per cent recovery to EU...
Cementos Pacasmayo full year sales rise 16.6%, Peru
Peruvian cement producer Cementos Pacasmayo’s reported that cement sales volume increased by 16.6 per cent in 2012 compared to 2011, and 14.2 per cent in 4Q12 compared to 4Q11. Cement EBITDA increased 7.9 per cent in 2012 to PEN292.1m, and 11.7% in 4Q12 to PEN78.3m. Net income increased 134.9 per cent in 2012 compared to 2011 (PEN159m versus PEN67.7m), and 41 per cent in 4Q12 compared to 4Q...
Adelaide Brighton posts modest rise in net profit, Australia
Australian building materials producer Adelaide Brighton has posted a 3.8 per cent rise in net profit as mining and resources projects in certain regions offset weakness in residential and commercial construction. In the 12 months to 31 December, the company recorded a net profit of AUD154.1m from AUD148.4m the year before, driven by mining and resource projects in South and Western Austral...
Fauji Cement swings to profit, Pakistan
Fauji Cement reported a rise in net profit in the first half of FY13 compared to a loss in the same period of last year. The Pakistan-based producer also reported a strong rise in revenue due to higher selling prices. The company reported a net profit of PKR0.923bn in the first half of the current fiscal compared to a loss of PKR0.102bn in 1HFY12. Revenue reached PKR7.567bn in the period...
Sanghi Industries 2QFY13 sales up 26%
Sanghi Industries reported a 26 per cent rise in turnover for the second quarter of the year ended 31 December to INR286.3 crore. According to reports in the Business Standard of India, Sanghi Cement's net profit rose to INR21.6 crore in the second quarter as against a net profit of INR3 crore in the corresponding quarter of the previous fiscal. For the first half of the year, net profit sto...
Majority stake in Zeal Pak Cement to be sold, Pakistan
The majority shareholder of Pakistan cement manufacturer Zeal Pak Cement, Sardar Mohammad Ashraf D Baluch (Pvt) Ltd, plans to its 64 per cent controlling stake in the company. Zeal Pak’s plant, located in Hyderabad, Sindh province, is a wet-process plant with a capacity of 3000tpd. A company official told CemNet News that the owner also wants to sell Zeal Pak Cement Factory’s paper sack divi...
Vicat to cut costs and maintenance expenditure, France
French cement major Vicat is cutting spending on maintenance and other costs as it aims to hold onto domestic market share. Speaking in an interview with Bloomberg, Vicat Chief Operating Officer Raoul de Parisot, said: “We don’t have any plan to close plants but we’re reducing costs and maintenance expenditure." He further added" “We need our production capacities to maintain market share w...
Binani Industries plans to sell 40% stake in cement arm, India
Binani Industries in talks to sell up to a 40 per cent stake in its subsidiary Binani Cement to raise capital to cut debt and expand cement capacities. The company is said to be in talks with potential financial investors such as JP Morgan and state-owned funds, according to latest reports by the Economic Times. Ernst & Young (E&Y), Braj Binani’s group banker for the transaction, has been ...
Holcim Croatia posts operating loss amid challenging market conditions
Holcim Croatia posted an operating loss of around HRK18.8m (EUR2.5m) last year as the domestic cement industry continues to face difficulties, and the near-term outlook for demand growth remains negligible. "The negative trends that have gripped the construction sector in the past four years and the problems with the collection of claims because of the generally poor liquidity in the countr...