Cement News tagged under: CRH

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CRH sues for return of files seized in competition inquiry

16 November 2015, Published under Cement News

Irish building materials major CRH has gone to the High Court to seek the return of documents seized by the Competition and Consumer Protection Commission (CCPC) in a "dawn raid" in May, The proceedings relate to a raid carried out on CRH subsidiary Irish Cement earlier this year as part of a competition inquiry.  CRH has now lodged court proceedings seeking a declaration that certain sections of the files seized by the CCPC were not related to the Irish Cement investigation. A compa...

CRH plc announces change of role for Board member

24 September 2015, Published under Cement News

CRH plc announces that Mark Towe, currently president and chief executive of Oldcastle, will assume the new role of chairman, CRH Americas. He will work with the group chief executive to support performance and excellence programmes across the group. The appointment is effective from 1 January 2016. Mr Towe will continue as an executive director on the Board of CRH plc.

CRH plc completes Philippines element of LafargeHolcim transaction

15 September 2015, Published under Cement News

CRH has completed the acquisition of the assets acquired from LafargeHolcim in the Philippiness. In early August, CRH confirmed that the majority of the transactions relating to the package of assets to be acquired from LafargeHolcim were complete, with the exception of the operations in the Philippines which it advised would be finalised in 3Q15.

CRH appoints Group Finance Director

08 September 2015, Published under Cement News

CRH announced yesterday the appointment of Senan Murphy as Group Finance Director with effect from 4 January 2016. Senan will succeed Maeve Carton who will become Group Transformation Director as previously announced. Both will be members of the Group Board. Senan (46), is a Chartered Accountant and holds a Bachelor of Commerce degree from University College Dublin. He has over 25 years’ experience in international business across financial services, banking and renewable energy. Senan wil...

Fitch affirms CRH rating, but lowers outlook

01 September 2015, Published under Cement News

Fitch Ratings has affirmed Ireland-based building materials company CRH plc's Long-term Issuer Default Rating (IDR) and senior unsecured rating at 'BBB'. It has also downgraded the Short-term IDR to 'F3' from 'F2'. All ratings have been removed from Rating Watch Negative. The Outlook is Negative. This follows the group's announcement of its agreement to purchase CR Laurence Co, Inc (CRL) for a total consideration of USD1.3bn (EUR1.2bn). The 'BBB' senior unsecured ratings for subsidiaries CR...

CRH's first-half driven by the Americas

27 August 2015, Published under Cement News

CRH's first half turnover advanced by 12.6 per cent to €9,370m and the EBITDA improved by 9.9 per cent to €555m. The trading profit increased by 11.2 per cent to €189m and after a net interest charge 8.6 per cent higher at €139m, the pre-tax profit increased by 3.3 per cent to €63m. The net attributable result improved by €1m to €46m. Net debt at the end of June was 67.3 per cent lower at €1212m, giving a gearing level of 9.7 per cent, which compares with 39.9 per cent a year earlier. ...

Aboitiz secures loan to part-fund cement venture

25 August 2015, Published under Cement News

Aboitiz Equity Ventures, Inc. (AEV) has signed an agreement for a US$400m (PHP18.7bn) loan that will partly finance its venture into the cement sector in the Philippines. In a disclosure to the stock exchange dated 20 August 2015, AEV said it "signed a facility agreement with The Bank of Tokyo-Mitsubishi UFJ, Ltd to obtain a bridge loan" of up to US$400m. "The proceeds of the loan will be used to partially finance AEV's investment in holding companies for the purpose of the acquisitio...

CMA welcomes recent sale of UK plants

07 August 2015, Published under Cement News

The UK’s Competition and Markets Authority (CMA) has welcomed the sale of plants by Lafarge Tarmac and Hanson. In the Competition Commission’s (CC) market investigation report published in January 2014, the CC had ordered Lafarge Tarmac to sell one of two cement plants and Hanson to sell one of its ground granulated blast furnace slag (GGBS) plants to enhance competition in the cement and GGBS markets in Great Britain. Lafarge Tarmac and Hope Construction Materials Ltd (Hope) both appealed...

CRH completes Lafarge-Holcim transaction

03 August 2015, Published under Cement News

CRH announced that the transaction to acquire certain assets from Lafarge SA and Holcim Ltd for a total enterprise value of EUR6.5bn is now complete, with the exception of the Philippines which is expected to close in the third quarter of this year. The deal was initially announced in on 2 February 2015, with a binding agreement sealed between the companies towards the end of May. Commenting on the completion of the acquisitions, Albert Manifold, CRH chief executive, said: “Today we extend...

Aboitiz Equity to invest in Philippine venture

22 July 2015, Published under Cement News

Aboitiz Equity Ventures Inc said it will invest PHP24bn (US$531m) in the cement business after formalising a deal with Irish cement maker CRH Plc to buy the Philippine assets of Lafarge SA, Reuters reports. In May, Aboitiz said it was looking to partner with CRH to buy Lafarge's assets in the Philippines as the local power-to-banking conglomerate sought to diversify into infrastructure. The Philippine units form part of a package of assets that CRH is acquiring from Lafarge and Holcim ...