Cement News tagged: Corporate
Texas Industries increases volumes, USA
During the first half of its financial year (to the end of November), Texas Industries increased volumes and reduced losses and is on schedule to complete commissioning of its new kiln line this spring. The company's turnover rose by 9.1 per cent to US$342.2m. The interest charges declined by 16.7 per cent to US$15.3m and the pre-tax loss was reduced by 41.6 per cent to US$18.4m. The corpo...
Lafarge announces joint venture with Elementia, Mexico
Lafarge announces it has reached an agreement with Elementia to combine their cement assets in Mexico. Lafarge will bring its two plants of Vito and Tula for a total capacity close to 1Mta, while Elementia will contribute the new 1Mta plant it is currently building in central Mexico. This combination will significantly strengthen Lafarge's position in Mexico. The transaction, which involves...
PT Semen Gresik officially changes name, Semen Kupang takeover recommended
PT Semen Gresik has officially changed its name to PT Semen Indonesia and is being urged by the government to take majority ownership of state-owned cement producer Semen Kupang, The company’s corporate name change to PT Semen Indonesia was officially marked during an inauguration ceremony in the presence of State-owned Enterprises Minister Dahlan Iskan and attended by PT Semen Indonesia vi...
Anglo American appoints Mark Cutifani as Chief Executive
Anglo American plc announces the appointment of Mark Cutifani as Chief Executive, with effect from 3 April 2013. Mark Cutifani has been Chief Executive Officer of AngloGold Ashanti Ltd, the South Africa-based gold producer, since 2007 and has led the successful restructuring and development of its business, which includes operations in 10 countries on four continents. Anglo American’s cu...
China Tianrui Cement 'B+' rating affirmed; outlook stable
Standard & Poor's Ratings Services said it had affirmed its 'B+' long-term corporate credit rating and 'cnBB' long-term Greater China regional scale rating on cement producer China Tianrui Group Cement Co. Ltd.
Lafarge & Anglo America announce completion of joint venture
Lafarge and Anglo American announce the completion of their 50:50 joint venture which combines their cement, aggregates, ready-mix concrete, asphalt and asphalt surfacing, maintenance services, and waste services businesses in the United Kingdom. The joint venture will be known as Lafarge Tarmac and begins trading today. Completion of the Lafarge Tarmac joint venture follows final clearance...
ABG looks to sell minority stake in cement unit, India
India-based private sector ship builder ABG Group, is in talks to offload a minority stake in its cement business, a senior executive has told the Times of India. The cement business, which operates under ABG Cement, has a 6.5Mta cement plant in Kutch, Gujarat, which is expected to be commissioned in a few weeks. Dhananjay L Datar, director of ABG Group, said the potential deal is at a p...
Yamama Cement 2012 sees 2012 net profit rising 10.5%, Saudi Arabia
Saudi Arabia cement producer Yamama Cement Co’s estimated net profit for 2012 rose to SAR818m (US$218.1m), a rise of 10.5 per cent from SAR740m a year ago. Estimated gross profit rose to SAR914m from SAR809m.
Northern Region Cement set to launch IPO, Saudi Arabia
Saudi-Arabia based cement producer Northern Region Cement Company (NRC) plans to sell 90 million shares in an Initial Public Offering (IPO) starting tomorrow. The company plans to sell 90 million shares, or 50 per cent of its capital at SAR10 (US$2.7) each over the 8-14 January 2013 period. NRC has appointed ANB Invest, the investment arm of the Arab National Bank, to act as the lead man...
Saudi Cement Co 3Q12 net profit rises, Saudi Arabia
Saudi Cement Company (SCC) said its net profit for the nine months through September 2012 surged in the first nine months of 2012 compared to the same period of the previous year. Net profit rose 30.5 per cent YoY, to SAR825.3m (US$220.1m) from SAR 619.9m a year earlier. Earnings per share (EPS) stood at SAR 5.39, up from SAR 4.05. Operating profit increased to SAR842m for the first ...
Cimpor announces members of board of directors, Portugal
Cimpor announced that Luiz Roberto Ortiz Nascimento and André Pires Oliveira Dias have been appointed members of the Board of Directors, following the resignation of Erik Madsen and Walter Schalka.
CRH – acquisition key to growth
A development spending update released yesterday by CRH shows that growth through vertical integration continued to be a key strategy for the Irish building materials major through 2012. But with spending still subdued compared to 2006 peaks levels, will 2013 see the company step up its acquisition activity and which markets offer the potential for takeover opportunities? In its twice-yearly...
Nomura initiates Siam Cement coverage with a 'buy'
Nomura initiated coverage of Siam Cement Pcl, Thailand's biggest industrial conglomerate with a 'buy' rating, citing strong cement business on the back of infrastructure spending and improving petrochemical cycle. The broker set a price target of THB530, according to reports by Reuters. "The company's cement business has had strong performance in 2012 driven by government's massive infra...
Taiwan Cement and CNBM sign cooperation agreement
Taiwan Cement Corp has signed a strategic partnership agreement with China National Building Material Co (CNBM) to expand cooperation between the two companies. According to Taiwan Cement, the agreement will include the exchange of information, capacity expansion in regional markets, R&D of high-quality cement, and innovation of production technologies. The two sides will also work towards ...
Gregory M Scott to head Portland Cement Association, USA
Gregory M Scott is to lead the Portland Cement Association as president and chief executive officer. He will head the US cement industry body from its Washington, DC, office and represent PCA and its members before Congress, the Administration and the White House. Mr Scott joined PCA in January 2012 as the senior president of government affairs and was promoted to president in September. “S...
China Resources Cement in grinding acquisition, China
China Resources Cement (CRC) has agreed to acquire a 100 per cent equity interest in Hainan Wuzhishan Dajiangnan Cement Ltd. Hainan Wuzhishan Dajiangnan Cement operates a 0.6Mta grinding plant in Maoyang Town, Wuzhishan City, Hainan Province. CRC said it believes the acquisition will expand the strategic locations of its business and increase its presence in the Hainan market in south China.