Cement News tagged under: Acquisition
HeidelbergCement completes sale of US assets to Cementos Argos01 December 2016, Published under Cement NewsHeidelbergCement has completed the US$660m sale of the Martinsburg cement plant and eight terminals to Cementos Argos. HeidelbergCement had been required to sell the West Virginia plant to comply with regulators following the acquisition of Italcementi. It is expected that the company will use the proceeds of the sale to pay down some of debt it took on to finance the acquisition process. “With the disposal of the US assets we fulfil the obligation of the FTC and improve the net financ... |
Birla 2Q16 net profit more than doubles24 November 2016, Published under Cement NewsBirla Corporation have reported a net profit of INR584m (US$8.49m) for the quarter ended 30 September 2016 compared to INR232m for the same period last year. Total income declined 4.3 per cent to INR8.86bn in the July-September quarter from INR9.27bn in the previous year. Total expenses also fell, registering at INR8.43bn versus INR8.99bn in the corresponding quarter last year. In the same period, Birla Corp completed its acquisition of Reliance Infrastructure’s Reliance Cement Company... |
GCC acquires multiple Cemex operations21 November 2016, Published under Cement NewsGCC has announced the acquisition of multiple Cemex operations in the USA. The acquisition comprises a cement plant (Odessa, Texas), two cement terminals (El Paso and Amarillo, Texas) and one construction materials business located in El Paso, Texas, and Las Cruces, New Mexico, comprised of eight ready mix plants, six aggregate plants, five asphalt plants and five distribution centres. The acquisitions will see GCC’s workforce increase to nearly 3500 employees. No operational closures ... |
Pakistan: Dewan Cement profits up 61%01 November 2016, Published under Cement NewsDewan Cement Ltd (DCL) posted a net profit of PKR268m (US$2.55m) for the quarter ended 30 September, a 61.4 per cent increase YoY from the PKR166m registered last year. Company revenue increased 14 per cent YoY (-18 per cent QoQ) to PKR2.94bn, mainly as a result of increasing dispatches and rising prices following a higher federal excise duty on cement manufacturers. Gross margins remained unchanged from the previous year’s figure of 19 per cent. The company report added that “subpar gros... |
India: Jaiprakash Associates shareholders agree to sale25 October 2016, Published under Cement NewsJaiprakash Associates Ltd (JAL) on Monday said its shareholders have approved the sale of the firm's cement business to Aditya Birla Group's UltraTech Cement. Approval from Competition Commission of India (CCI) has been received and the next step involves seeking approval from the concerned High Court and the final approval from capital markets regulator. Earlier this year, the Aditya Birla Group firm announced acquisition of Jaiprakash Associates' cement plants with a total capacity of 2... |
HeidelbergCement13 October 2016, Published under Cement NewsFollowing the closure of its mandatory offer for Italcementi, HeidelbergCement now has 96.4 per cent of the shares and has stated its intention to compulsory acquire the remaining shares as hit holds in excess of 95 per cent of the equity. The Italcementi shares will be de-listed on 7 October 2016. |
India: Birla Group front runner to buy Bhillai stake06 October 2016, Published under Cement NewsOrient Cement, part of the Birla Group, has emerged as the front-runner to buy out Jaiprakash Associates’ 74 per cent stake in Bhillai Jaypee Cement, the Economic Times reports. Bhillai is run as a joint venture between Jaiprakash and SAIL, with the latter holding 26 per cent of the enterprise. A source told the Economic Times that the deal values Bhillai at INR15bn (US$225m). Bhillai Jaypee Cement has a capacity of 2.1Mta with a clinker unit at Satna and a grinding unit Bhillai. "T... |
Anhui Conch27 September 2016, Published under Cement NewsAnhui Conch is reportedly interested in acquiring a stake in Pakistan’s Dewan Cement Ltd (DCL), according to local media reports. While DCL denies the reports, a Chinese company, believed to be Anhui Conch, has been exploring investment opportunities in the country. DCL operates two plants – one in southern Pakistan near Karachi and another in northern Pakistan near Kamilpur Hattar Industrial Estate – with a cement and clinker capacity of 2.89Mta and 2.76Mta, respectively. The company cu... |
Cementos Argos27 September 2016, Published under Cement NewsCementos Argos has agreed to purchase the Essroc cement plant in Martinsburg, West Virginia, USA, from HeidelbergCement. The deal, which is reputedly worth around US$650m, forms part of HeldelbergCement’s divestment plans resulting from its ongoing acquisition of Essroc’s parent company, Italcementi. To help fund the purchase, Cementos Argos has sold a 20 per cent stake in its Panamanian subsidiary to Panama-based real estate investment firm Grupo Provivienda for US$126m. This leaves Cemento... |
India: Nirma raises US$598m to finance Lafarge acquisition16 September 2016, Published under Cement NewsNirma Group, which in July won the race to buy Lafarge India for a reported US$1.4bn, has raised INR40bn (US$598m) from a bond sale to finance the purchase, the Economic Times reports. Nirma has created a special purpose vehicle, Nirchem, which administered the bond sale and will be used in the acquisition process. The sale, the largest of its type, was oversubscribed, with investors attracted by the 8.68 per cent yield, seen a decent price given Nirma’s AA credit rating. |