Cement News tagged under: Hyundai Cement

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Hyundai Cement seeks to build solar power plant

25 August 2017, Published under Cement News

South Korean cement producer Hyundai Cement Co is looking to build a photovoltaic (PV) power plant at its existing cement facility in Dangyang. The consortium of Hanil Cement and LK Investment Partners, which gained ownership of Hyundai Cement last month, is considering using some part of the company’s Danyang factory site in North Chungcheong Province to build a solar energy farm. It aims to improve profitability by replacing some aged facilities at the site with the green plant.

Hanil completes acquisition of Hyundai Cement

19 July 2017, Published under Cement News

Hanil Cement Co has completed the acquisition of Hyundai Cement Co in South Korea. The consortium of Hanil Cement and LK Investment Partners has paid US$552.2m for a controlling stake of 84.56 per cent stake (or 14.17m shares) of Hyundai Cement from 32 creditors, including the Korea Development Bank and Hana Financial Investment Co. The two companies formed HLK Holdings, a special purpose company, to acquire the shares. Hyundai Cement held a shareholders’ meeting on Tuesday, approving the ...

South Korea: preferred bidders named in US$567m Hyundai deal

17 February 2017, Published under Cement News

Hanil Cement Company and LK Investment Partners have been named as the preferred bidders to acquire Hyundai Cement, reports South Korea's Pulse. The two firms submitted a bid of KRW650bn (US$567m) for an 84.56 per cent stake in Hyundai. The acquisition would make Hanil Cement the largest producer in South Korea, with a market share of more than 30 per cent. The bid values Hyundai at nearly 60 per more than its current market capitalisation of KRW486bn. A final deal is expected to be si...

South Korea: Hyundai Cement sale bids

15 February 2017, Published under Cement News

Six contenders have submitted a bid for Hyundai Cement Company. Ssangyong Cement Industrial Co, Halla Cement Corp, IMM Private Equity, LK Investment Partners, Hyundai Sungwoo Holdings Co and PineStreet Group have each submitted terms to acquire a 84.56 per cent stake in Hyundai Cement offered by creditors. Ssangyong Cement Industrial and Halla Cement are expected to lead the buyout, as reported by Pulse News. Owned by private equity funds, the two cement makers have production bases locat...

South Korea: Hyundai Cement auction set to raise KRW600bn

09 December 2016, Published under Cement News

The auction of Hyundai Cement, preliminary bidding of which is scheduled for 16 December, is set to attract bids from multiple prospective buyers, with the assets expected to fetch up to KRW600bn (US$515m), reports Korea’s Pulse. Hyundai Cement currently supplies seven per cent of the domestic market, and the company’s location in the country’s interior makes it particularly attractive to Korea’s coastal cement producers, Ssangyong Cement Industrial Co, Tongyang Cement & Energy Co, and La...

South Korea: Hyundai Cement up for sale

20 July 2016, Published under Cement News

Hyundai Cement Co. is expected to put up for sale this year. Despite only having a small market share in South Korea, the upcoming sale is expected to bring about change in the local cement market that is fiercely competitive. Currently, South Korea’s cement market is dominated by seven major companies who hold a 90 per cent market share. Of these, Hyundai Cement ranks seventh, holding 7.38 per cent of the market share, but despite its lower position its sale will likely be a game changer...

Creditors seek to sell Hyundai Cement stake

24 May 2016, Published under Cement News

Creditors of Hyundai Cement seek to sell their majority stake in the South Korean cement producer as early as July, according to local news reports. State-run Korea Development Bank (KDB), the largest stakeholder of Hyundai Cement with a 27.94 per cent stake, and other creditor banks including KEB Hana Bank hold a combined 95 per cent stake. The speeding up of the sales process comes as uncertainties over the cement maker’s payment guarantee in the Pi City development project have bee...

Korean cement hit by USD19m losses as rail strike ends

31 December 2013, Published under Cement News

The Korean railroad workers union called an end to its 22 day strike on December 30, leaving the domestic cement industry to count its losses. The cement industry relies on railway transportation for more than 30% of its transportation needs. The cement companies estimate that their combined loss for the 22 days of strike would be KRW20bn (USD19m), according to a report in the Korea Economic Daily. This was far worse than the strike in 2009 which lasted just eight days. The Korea Cement As...