Cement News tagged: Corporate
Concerns over Ghana’s cement duopoly
The World Bank has expressed its concern over the dominance of Ghana Cement Company (Ghacem) and Diamond Cement Company in the sale of cement in the country, local press report. The bank is worried that the two companies control more than 80 per cent of the market and suppress competition in the sector with negative consequences on the prices and supply of cement to the building and constru...
Camargo completes Cimpor takeover, Portugal
Brazilian conglomerate Camargo Correa has completed its takeover of Cimpor, now controlling 94.8 per cent of the Portuguese producer, Cimpor said in a statement on the CMVM market regulator's website. The success of the move was largely expected by analysts who will now look at the terms in which the company's assets will be split between Camargo and Votorantim. The deal includes an asset swa...
JPMorgan sells 2.18m shares in Shanshui Cement, China
JPMorgan Chase & Co has sold 2.18 million shares in China Shanshui Cement Group Ltd at HK$ 5.48 per share on 11 June, media reported, citing information released by the Hong Kong Stock Exchange.
Change in Executive Board of Gebr Pfeiffer SE
Otto Jung is to retire on 20 June 2012 after nearly 40 years with Gebr Pfeiffer SE. Robert Schnatz will take over Mr Jung’s technical responsibilities on the Executive Board. Otto Jung started his career as a development and project engineer. In 1988 he became head of the projects & sales department and order processing. In 1996 he was appointed to the Executive Board of Gebr. Pfeiffer SE, a ...
Hungarian construction down 4.8% in April
Output of Hungary’s construction sector fell 4.8 per cent YoY in April 2012, data from the Central Statistics Office showed on Monday. The decline was slower than figures recorded in the month before and, according to some industry experts, there could be a return to growth next year. The decline slowed from a steep 12.6 per cent contraction in March and a 15.2 per cent YoY fall in February...
Reliance MF hikes stake in Madras Cements, India
Reliance Mutual Fund has increased its stake in India-based producer Madras Cements to just over five per cent with the acquisition of 90,000 shares. With this acquisition on 14 June, the Chennai-based cement maker said the fund house's holding in the company now stands at 5.01 per cent, or 1.193 crore shares, according to a Bombay Stock Exchange filing by Madras Cements. Reliance Mutual Fun...
ContiTech buys British special-purpose belt company, UK
ContiTech has strengthened its industrial business in specialised conveyor belts by purchasing Specialised Belting Supplies Ltd, Thetford, UK. This British company has been in the market since 1984 and, with 50 employees, produces primarily steep-angle conveyor belts for the transport of bulk materials including ore, coal or gravel. “The purchase of this profitable and established company i...
ANH Refractories appoints senior engineer to target Euro cement market
ANH Refractories, based in North West UK, has hired Senior Refractory Engineer Stefan Frank to drive export sales across Europe. He has been charged with kickstarting a new campaign to increase ANH’s profile and drive sales in emerging cement markets in countries including Turkey, Ukraine and Italy. The American owned firm, which has a US turnover of $550m, delivers refractory solutions, se...
Signs of recovery for China’s cement sector
Analysts at brokerage Daiwa have noted "green shoots of recovery" for China's cement sector. It says growth for infrastructure investment has rebounded for three consecutive months and industry inventory levels are set to fall; "we expect the government's policy loosening to accelerate construction activity, resulting in an uptrend for cement demand and prices starting from 2H12."
American Starlinger-Sahm appoints new VP
Alfred Rak has joined American Starlinger-Sahm, a 100 per cent subsidiary of Starlinger & Co GmbH of Austria as Vice President of Sales as of 1 March 2012. In his new position, Alfred Rak oversees the entire Starlinger product portfolio for the US and Canadian market. He has over 30 years of experience in international sales and trade an his previous positions have been President and CEO of K...
Vietnam mineral firm buys 500,000 shares in YenBai Cement, Vietnam
Alatca Mineral Process Exploit JSC has acquired 500,000 shares in YenBai Cement and Minerals JSC (YBC). Accordingly, Alatca has raised its holding in YenBai Cement to 10.34% from zero.
Lafarge, UltraTech eye Jaiprakash units, India
Aditya Birla Group and Lafarge are separately in talks to buy Jaiprakash Associates cement units, the Economic Times reported on Friday. Officials from Lafarge and the Aditya Birla Group-controlled UltraTech Cement Ltd, Indias biggest cement producer, have completed preliminary talks and final bids are expected shortly, the newspaper said, citing sources with knowledge of the development. ...
Fontana sees more swaps in cement reshuffle
Holcim Chief Executive Officer Bernard Fontana said swapping cement production facilities is more likely than outright purchases or sale of individual units, according to Bloomberg reports. Swapping parts of a portfolio with another company would not be more difficult to implement than buying or selling individual units, Fontana told journalists at a meeting in Zurich. Holcim’s CEO has said h...
Cemex Mary Nour fine upheld by antitrust authority
Cemex has said Mexico’s antitrust agency upheld a fine of MXP10.2m (US$729,000) against the company for blocking a 2004 cement shipment from Russia, according to Bloomberg reports. Cemex sees the fine as unfounded and will seek an injunction against it, said Jorge Perez, a company spokesman. The Monterrey, Mexico-based company appealed the fine, which the nation’s Federal Competition Commis...
West China Cement profit warning
West China Cement (WCC) warned that its net profit in the first half of this year is expected to plunge more than 50% on-year due to a drop in cement price. This follows a warning from industry peer, Anhui Conch Cement who last week also issued 1H profit warnings. DBS Vickers expects WCC's earnings are bottoming out as cement prices are recovering. It keeps the stock at Buy with a target pric...
Dangote targets US$35bn-40bn London listing, Nigeria
Nigerian billionaire Aliko Dangote is targeting a market capitalisation of US$35-$40bn for his cement company when he lists it in London next year, he told Reuters on Wednesday. "It depends on the market, but it should be something like US$35 to $40bn. We are targeting something like that," Dangote said of the secondary listing in London that is planned for late next year. Africa's richest m...