Cement News tagged: Corporate
Indian cement importers meet Pakistan exporters
An Indian trade delegation of over 120 business people, government officials and members of Federation of Indian Chambers of Commerce and Industry (FICCI) including cement importers visited Pakistan last week to make head way on Most Favoured Nation (MFN) status to India and further enhance bilateral trade relations between the two countries. The Indian delegation was led by Anand Sharma, Mini...
Fauji Cement in possible Askari Cement takeover, Pakistan
Fauji Cement Company Ltd (FCCL) plans to acquire Askari Cement of the Army Welfare Trust (AWT). Both companies are reportedly at an advanced stage of negotiations and are expected to announce a merger soon, once the necessary approval is received from the relevant government departments and board of directors. Should the deal proceed, Fauji Cement will become the second largest cement prod...
CRH announces appointment of chairman designate
The Board of CRH today appointed Mr. Nicky Hartery as Chairman Designate, to succeed the present Chairman, Mr. Kieran McGowan. Mr. McGowan, who has been Chairman since May 2007 and a Board member since 1998, will retire after the Company’s Annual General Meeting, which is scheduled for 9th May 2012. Mr. Hartery (60) who joined the Board of CRH in 2004, was Vice President of Manufacturing an...
Lafarge-Tarmac tie-up challenged on competition grounds, UK
The planned merger between Lafarge and Tarmac has been called into question by the UK’s Competition Commission (CC) on grounds that the tie-up could damage competition in both the bulk cement and other construction materials markets. In February 2011, Lafarge and Tarmac announced their agreement to combine their cement, aggregates, ready-mixed concrete, asphalt and contracting businesses in...
CRH announces US management changes
CRH has announced a number of changes within its management team in the USA, effective as of 20 February 2012. The appointments are as follows: Doug Black (47), currently Chief Executive of CRH's Americas Materials Division, is appointed to the newly created position of President and Chief Operating Officer, Oldcastle, Inc. (the holding company for CRH's operations in the Americas) and will...
Siam Cement to issue bonds in March, Thailand
Siam Cement PCL of Thailand plans to issue up to THB25bn worth of bonds to existing bond holders and the public, Dow Jones News reports. The bonds, worth a four-year maturity, will carry a coupon rate of 4.15 per cent, the company said in a filing to the Securities and Exchange Commission on Monday. The bonds will be open for subscription during 1-9 March 2012 and during 26-30 March 2012...
Tokyo Cement quarterly net profit up 43 per cent, Sri Lanka
Sri Lanka’s Tokyo Cement said net profits for the December quarter rose 43 per cent to LKR275m (US$2.3m) from a year earlier with revenues up 39 per cent to SLR5.7bn. The company’s revenues grew 38% to LKR5.7bn cost of sales rose at a faster 44% but the firm grew gross profits at a slower 17%. Tokyo Cement is a joint venture between Nippon Coke and Engineering (formerly Mitsui Mining) a...
Cementos Portland Valderrivas appoints new executive chairman
The Board of Directors of Cementos Portland Valderrivas, Spain’s largest cement producer, has approved the appointment of Juan Béjar Ochoa as executive chairman of the group. Mr Béjar will continue as executive chairman of Globalvia, a 50:50 joint venture between Bankia and FCC. Previously, he was chairman of Citigroup Infrastructure Management, Citigroup's subsidiary responsible for infrastr...
Lafarge meets debt reduction target, net profit falls
Lafarge reported a 28 per cent decline in net profit in 2011 reflecting write-offs mainly in Greece, while sales rose three per cent. For 2012, the group sees cement demand edging higher and has pledged to continue slashing debt. Current operating income grew three per cent in the fourth quarter to €538m from higher sales volumes, higher pricing, and cost cutting measures. For the year, ...
Vulcan's overall losses reduce, but rise in cement
Vulcan Materials' turnover edged ahead by 0.2% last year to US$2,564.6m and the EBITDA, which had dropped by 32.4% in 2010, recovered by 18.8% to US$440.4m. Excluding exceptional items, the EBITDA emerged at some US$353ms. After a net interest charge 20.2% higher at US$217.2m, the pre-tax loss was reduced by 20% to US$153.7m and the net loss reduced by 26.7% to US$70.8m. Capital expenditure...
Italcementi exits Turkish cement market
Ciments Français (part of the Italcementi Group) and its wholly-owned subsidiary Parcib, have signed a deal with Cimsa for the sale of 51 per cent of the capital of Afyon for TRY1,530,000. The overall value of the sale has been fixed at TRY57,530,000, a memo explains. Transfer of the shares to Cimsa and the payment for them will take place when the deal is completed, once the necessary a...
Adelaide Brighton reports slight drop in net profit, Australia
Adelaide Brighton on Thursday booked a net profit for the 2011 calendar year of A$148.4m, down two per cent on 2010 as a result of a higher effective tax rate. The company lifted revenue by 2.6 per cent to a record A$1.1bn. Managing director Mark Chellew said the profit was a good result in challenging trading conditions."The company's record revenue was achieved largely as a result of dema...
High Court blocks appointment of new chairman, Kenya
A High Court Judge has blocked President Kibaki's appointment of new East African Portland Cement (EAPCC) chairman Dr Isaac Mpapaluu ole Mepenay pending a ruling on March 16, All Africa news reports. Judge Mohammed Warsame on Wednesday suspended the gazette notice on appointment of Mr Mepenay until a a ruling is made to determine whether the cement manufacturer is a state corporation. In an u...
Qassim net profit up 10 per cent YoY
Qassim Cement’s full year 2011 net profit grew approximately 10% to SAR553m, according to a statement on the stock exchange website. The board is proposing a cash dividend distribution of SAR3.5/share for 2H11, which would bring total FY11 dividend payments to SAR5.75/share.
Lafarge Jordan appoints New CEO
Lafarge Group announced the appointment of Toufic Ahmed Tabbara as CEO for Lafarge Jordan, both Cement and Concrete. Tabbara will take on his new position in February 2012, after having assumed a number of positions across Lafarge Group in several countries. “I am very pleased with my new responsibilities as CEO and I hope to carry forward Lafarge Jordan’s longstanding history in contributi...
CRH seeks dismissal of competition claims case
CRH and Readymix asked the High Court yesterday to dismiss a claim against them for damages for breaches of competition law on the grounds that the plaintiffs have delayed too long before bringing their case. Three related companies, Framus, Amantiss and Wilbury, are taking a case against CRH and its subsidiaries, Readymix and Kilsaran, alleging that they broke a number of competition law pro...