Cement News tagged under: CRH

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Ireland: cement firms make windfall profits from ETS permits

18 April 2016, Published under Cement News

CRH, Lagan Cement and Quinn Cement have together made EUR128m (US$145m) through the sale of permits under the EU emissions trading scheme (ETS).  On Sunday, the Irish Independent reported that the three firms were allocated credits on the basis of a prediction that demand would rise by 30 per cent between 2007 and 2012. The impact of the financial crisis instead caused demand to drop by over 60 per cent, allowing the companies to sell off their un-needed carbon credits. Donal O'Riain o...

CRH boss Ireland’s best-paid CEO

18 April 2016, Published under Cement News

Albert Manifold, chief executive of CRH, is Ireland's best-paid CEO, earning EUR5.53m a year (US$6.25m) according to a survey by the Sunday Independent. Mr Manifold earns over EUR1m more than the next best-remunerated boss, Kerry Group’s Stan McCarthy. CRH has expanded rapidly in recent years, taking on debt to purchase assets from LafargeHolcim as the latter shrank down its operations to satisfy regulators. CRH is now thought to be less keen on acquisitions as it works to integrate it...

Ten bidders chase LafargeHolcim Indian assets

14 April 2016, Published under Cement News

The sale of LafargeHolcim's Indian operations has attracted considerable interest, with the company having received bids from 10 groups interested in buying the assets. According to India's Economic Times, JSW Cement, Blackstone and Ramco Cements have all submitted bids, while the Irish Times notes that CRH, Piramal Group and Carlyle Group are also in the running. LafargeHolcim is selling three integrated plants and two grinding plants with a combined capacity of 11Mta, valued at aroun...

CRH outlook improves with construction activity

07 April 2016, Published under Cement News

Strong American and European construction activity has prompted JP Morgan Cazenove to hike its rating on cement maker CRH. The investment bank upgraded the London-listed group's rating from 'neutral' to 'overweight', as it believes the company's valuation is 'relatively attractive'. A respectable performance from the FY15 results together with a better-than-expected outlook commentary across the sector has encouraged analysts to see a bright future for CRH, which has been rapidly expanding...

Ireland: dawn raid on CRH breached CCPC's warrant

06 April 2016, Published under Cement News

 A  "dawn raid" last year at CRH's Irish Cement plant in Drogheda, by state investigators investigating alleged breaches of competition law, breached the terms of the warrant by seizing the contents of a senior manager's email account. The Irish Times reported that personal correspondence of Seamus Lynch, the head of CRH's businesses in Ireland and Spain, was taken by the Competition and Consumer Protection Commission (CCPC), but the High Court has ruled that this should not have be...

Deadline nears for LafargeHolcim India assets bids

05 April 2016, Published under Cement News

Advisors to the sale of LafargeHolcim's 11Mta Indian cement production capacity say that they expect to receive seven to eight bids before next week's deadline. The sale - which was a required by competition authorities - has attracted the attention of a number of private equity firms. According to reports by India’s Mint newspaper, Temasek Holdings, Advent International, Barings Asia Private Equity, Blackstone, Aion Capital and the investment arm of Piramal Group are all evaluating the d...

CRH and HeidelbergCement named in West Bank lawsuit

31 March 2016, Published under Cement News

CRH and HeidelbergCement are among a number of defendants named in a US$34.5bn lawsuit brought on behalf of Palestinians by US lawyers in Washington DC. The case, which was lodged earlier in March, alleges that both firms were among a number of companies and individuals that engaged in "profiteering" from the building of Jewish settlements in the West Bank, the Irish Times reports. The newspaper noted that CRH sold its stake in Israeli cement company Nesher in January and no longer had...

LafargeHolcim brands CRH purchase write-down claims "without merit"

21 March 2016, Published under Cement News

CRH is disputing the value of the assets it purchased in February last year as part of the requirement from competition regulators to allow the creation of LafargeHolcim. The EUR6.5bn price paid by CRH is now under scrutiny, according to Reuters. In its annual report, published last week, LafargeHolcim stated: " LafargeHolcim has received from CRH several notices claiming a reduction of the purchase price. LafargeHolcim is contesting those claims. "In view of the information availab...

CRH subsidiary challenges competition authority searches

09 March 2016, Published under Cement News

Irish Cement, a subsidiary of CRH, has brought a legal challenge to the seizure of certain emails of a senior CRH executive during a search as part of an investigation into alleged anti-competitive practices, according to a report in the Irish Independent. The Competition and Consumer Protection Commission was not entitled to "essentially run riot" in the premises of Irish Cement at Platin, Co Meath, and just seize all material, regardless of relevance to the purpose of its search, Paul Sre...

Irish Cement applies for AF burning planning permission

08 March 2016, Published under Cement News

Irish Cement has formally applied for planning permission to burn alternative fuels at its plant in Limerick, according to local press reports. The CRH group company is seeking approval from Limerick City and County Council to burn used tyres as well as shredded plastics. As part of the development, the company is planning to construct a tyre storage area with a tyre handling/separation area and an associated conveyor, the report by the LImerick Leader noted.