Cement News tagged under: Giant Cement

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Timothy Kuebler becomes country manager of Giant

03 January 2018, Published under Cement News

Timothy Kuebler has joined Elementia as the country manager of Giant, reporting to the cement division. Mr Kuebler has more than 30 years of experience in the cement industry. His previous position was as senior vice president for Titan (cement and aggregates). Additionally, Mr Kuebler has worked for Lehigh Cement Company as vice president of sales and marketing in the USA and Canada and he has collaborated with Builders Concrete and Titan Florida Materials companies where he served as vi...

Elementia restructures debt with new seven-year loan

05 December 2017, Published under Cement News

Elementia, SAB de CV has announced that it obtained a loan from Citi Banamex for MXN925m (US$49.6m) over a seven-year term, with payments beginning in the first half of 2020, given its two-year grace period. The financial restructuring is part of its strategy to strengthen its balance sheet and maintain its profitable growth. The loan successfully concludes the company's commitment, as announced in 2016, of exchanging short-term for long-term debt during 2017. The proceeds will be used to...

USA: Elementia acquires 55% stake in Giant Cement

02 December 2016, Published under Cement News

Elementia, SAB de CV has announced that its Board of Directors has given its final approval for the completion of the acquisition of a 55 per cent stake and full control of Giant Cement Holding Inc, USA. Elementia will acquire the controlling stake from Cementos Portland Valderrivas SA for US$220m. Elementia used proceeds obtain from he capital increase through a Rights Offering to complete the US$220m deal, resulting in an implied equity value of US$400m. The company then granted Giant C...

Portland Valderrivas board approves Giant 55% sale to Elementia

31 October 2016, Published under Cement News

The board of Spain’s Cementos Portland Valderrivas has formally approved the sale of a 55 per cent stake in its US unit Giant Cement Holding to Mexico’s Elementia, owned by Carlos Slim, who owns a 35.6 per cent holding in the Mexican company via his Grupo Carso. The deal includes a US$220 capital increase in Giant with subscription rights granted to Elementia, who will extend a loan of US$305m to the US unit. Giant’s parent company, FCC, has also given the go-ahead. Slim’s holding com...

USA: Elementia intends to buy 55% of Giant Cement

14 October 2016, Published under Cement News

Elementia of Mexico, 49 per cent owned by billionaire Carlos Slim, said it had signed a letter of intent to purchase 55 per cent of Giant Cement Holdings Inc, a wholly-owned unit of Cementos Portland Valderrivas of Spain. Currently, Giant has an accumulated debt of approximately EUR437m in a securitised bond issue, says dirigentesdigital. At the same time, Cementos Portland has signed a loan of EUR553m to repay part of its debt, amounting to EUR1114m according to the Spanish source. Ceme...

USA: New CEO at Giant Cement

21 August 2012, Published under Cement News

Jose A Llontop has been named as the new president and CEO of Summerville-based Giant Cement Holding Inc (GCHI), a subsidiary of Madrid-based Cementos Portland Valderrivas. Mr Llontop will oversee the company’s American operations at plants in Alabama, Maine, Pennsylvania and South Carolina. He previously held senior level positions at Cemex. “I am looking forward to returning GCHI to profitability through excellent customer service and product innovation, an efficient cost structure leve...

Cementos Portland to ask permission for capital hike, Spain

17 April 2012, Published under Cement News

Spanish cement producer Cementos Portland Valderrivas will request its shareholders permission to launch a capital increase over the next five years. With the move, the company is seeking to reinforce its balance sheet in case it fails to wrap up the sale of US unit Giant. The company's shareholders will hold a general meeting on May 18. Abstracted from an original article in Cinco Dias

FCC to delay Giant Cement sale, USA

26 March 2012, Published under Cement News

FCC is to delay the planned sale of its US-based Giant Cement Holding division while the Spanish construction major focuses on debt refinancing of Cements Portland Valderivvas, Dow Jones reports. FCC owns nearly 70 per cent of Cements Portland, which in turn owns Giant Cement. FCC had previously said it planned to sell Giant by the end of the first quarter but has now changed the timeline, FCC chairman and CEO Baldomero Falcones Jacquotot told Dow Jones in an interview, stating that FCC i...

Cementos Portland Valderivvas debt reduction plans, Spain

15 March 2012, Published under Cement News

Spanish cement producer Cementos Portland Valderivvas is looking to reduce debt to around EUR1bn from the current EUR1.3bn with two options on the cards. The company is looking for institutional investors to subscribe to its forthcoming capital hike, the proceeds of which will allow Cements Portland to cut debt. It is also considering the divestment of it Giant subsidiary in the USA and reduce its workforce by some 500 employees, Cinco Dias reports For this year, the company is planni...