Cement News tagged: Corporate
Loesche acquires majority stake in aixprocess and aixergee, Germany
Loesche announced it has acquired the majority of stakes in the aixprocess and aixergee engineering companies based in Aachen, Germany. aixergee GmbH is specialised in the optimisation of production processes in the cement industry and well-established internationally in the areas of alternative fuel firing, performance improvement, emissions reduction and stabilisation of plant operation. ...
Cementir improves profits in spite of lower volumes
Cementir Holding saw turnover advance by 4.6 per cent to €976.2m, helped by better prices, and the EBITDA improved by 11.1 per cent to €138.0m. Net debt at the end of 2012 was 4.2 per cent higher at €373m. The number of employees increased by 3.3 per cent to 3307. Group shipments of grey and white cement declined by six per cent to 9.85Mt, reflecting lower volumes in Italy and in Egypt and ...
South Korean producers to initiate cement price hike
Leading cement producers in South Korea are set to initiate a cement price increase from next month in an effort to offset rising production costs. Notification has been sent stating that the prices are to rise from Thursday, 7 February and if they stick the average price will go up from the current 73,600/t (US$68) to 81,000/t won (US$74) A Dongyang Cement official said, "Due to the ris...
HSBC downgrades Holcim
HSBC downgrades Holcim to neutral from overweight and raises target to CHF77 from CHF75 on expectations of a recovery in cement company earnings. "Our forecast is reinforced by recent industry trends in the US and emerging markets countries, energy price falls and self-help programs," according to analysts.
Fitch Affirms Siam Cement at 'A(tha)'; Outlook Stable
Fitch Ratings (Thailand) Limited has affirmed The Siam Cement Public Company Ltd's (SCC) national long-term rating at 'A(tha)', its national short-term rating at 'F1(tha)' and its senior unsecured debentures at 'A(tha)'. The Outlook is Stable. The ratings reflect SCC's well-diversified business which helps support cash flow generation, particularly during the difficult operating period of its...
Development Bank of Ethiopia withdraws Habesha Cement loan
The Development Bank of Ethiopia (DBE) has withdrawn an ETB1.52bn (US$82.9m) loan agreement made with Habesha Cement for construction of a new plant. The bank had approved the loan last year which was expected to cover over 70 per cent of the financing for the proposed factory. However, the DBE has now withdrawn the offer on the grounds of inability to disburse funds at this time. It has s...
Nuh Cimento appoints general manager, Turkey
Hayrettin Sener, factory director of Turkey-based cement producer Nuh Cimento company, has been appointed General Manager as of 1 January 2013.
PPC targets African expansion strategy
PPC said in a trading update that it is pursuing additional buyout opportunities in Africa, which it expects to announce during the year. In its 4Q12 report ended December, it said last year’s 51% acquisition of cement maker Cimerwa in Rwanda for US$69.4m was a 'significant step' in its African expansion strategy. It also said receipt of its Zimbabwean indigenisation certificate in November w...
Siam Cement profits recover in 4Q12
Siam Cement (SCC) said its profits more than doubled in the 4Q12 after sales rebounded from flooding a year earlier and dividend income increased. Net income was THB6.91bn (US$231.7m), or THB5.8 a share, compared with THB3.20bn, or THB2.66, in the same period a year earlier, the company said in a statement. Siam Cement’s profit slumped in the 4Q11 as Thailand’s worst floods in almost 70 year...
Oman Cement posts 4Q12 record performance
Oman Cement posted the best quarterly performance in the 4Q12 with sales revenue reaching OMR15.308m (US$39.7m) showing an increase of 31.4 per cent YoY and 11.8 per cent on QoQ. The overall profit after tax for the year ended 2012 stood at OMR17.511m which increased significantly by 37 per cent on year thanks to higher sales and improvement in margins. For the final quarter of 2012, the ear...
Lucky Cement first-half boosted by higher prices, Pakistan
Pakistan’s leading cement producer Lucky Cement has recorded a strong rise in profit for the first half of the current fiscal year, driven by higher selling prices. Profit for the first six months of FY12-13 rose 42.15 per cent rise to PKR4.29bn (US$44m). Cement prices during the period rose 13 per cent to PKR465/bag (US$4.76) in the south zone and eight per cent in the north to PKR438. Add...
Cargotec appoints new president and CEO
Cargotec's Board of Directors has appointed Mr Mika Vehviläinen, as its new President and CEO. Mr Vehviläinen will start at Cargotec on 1 March 2013. Tapio Hakakari, Cargotec's Vice Chairman of the Board, will continue as the interim President and CEO until 28 February 2013. Mr Vehviläinen is currently the President and CEO of Finnair Plc. Previously he has held senior leadership positio...
TCL grants contractors waiver on cement hike
Trinidad Cement Ltd (TCL) has granted a 90-day waiver to members of the T&T Contractors' Association (TTCA) on its cement price increase announced at the start of this year, according to local press reports. On 9 January 2013, TCL announced a 9.5 per cent price increaseon ex-factory prices. According to a report in the Guardian Media, TTCA then submitted a proposal to TCL for a temporary w...
Yanbu Cement full-year net profit rises 36% YoY
Saudi cement producer Yanbu Cement Co (YCC) reported a surge in full-year net profit thanks to increased demand and a new production line as top capacity players benefit from the country's boom period. The company's net profit rose 36 per cent YoY in 2012 to SAR720.5m (US$192.1m). Earnings per share (EPS) stood at SAR 6.86, up from SAR 5.04. Local cement producers have been riding high on ...
China Tianrui to issue unsecured bills, China
China Tianrui Group Cement Co is to issue CNY2bn (US$321m) in unsecured bills with a maturity of 365 days on the interbank market on 31 January. The company, which is a leading clinker and cement producer in Henan and Liaoning provinces, said that the bills will be issued at face value, and the coupon rate determined in the process of book-building. Both value and payment due date is set on ...
Penna Cement plans packaging unit, India
Penna Cement Industries is planning a 1Mta cement packaging unit at Panvel, district of Raigad, Maharashtra, India. Land acquisition is currently underway and the project is planned for completion in 18 months. Penna Cement has a total installed cement capacity of 7Mta spread across four facilities: Talaricheruvu, Anantapur (1.8Mta); Boyireddypalli, Andhra Pradesh (2Mta); Ganeshpahad villag...