Cement News tagged under: Italcementi

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Italcementi/Siberia Cement dispute heads to Supreme Arbitration Court, Russia

08 June 2012, Published under Cement News

Italcementi, one of the world's largest makers of cement, expects to see its dispute with Russian cement maker Siberian Cement over a EUR 50mn forfeited commitment fee to go before Russia's Supreme Arbitration Court. The Italian company may see its appeal denied one more time by the Russian court. Back in 2008, SibCement won an auction to buy Italcementi's cement assets in Turkey for USD 850mn. The deal was duly approved by SibCement's Board and shareholders, and the Russian company paid th...

Italcementi

06 June 2012, Published under Cement News

Italcementi's first-quarter turnover declined by 6.8% to €1071.7m, though the running EBITDA was off by just 3.1% to €126.7m. The trading profit, however, fell by 41.4% to €21.3m and, at the pre-tax level, there was a €7.8m loss, compared with a €24.1m profit, after a net interest charge 66.1% higher at €27m. At the net attributable level, there was a swing from a €80.7m profit, thanks to capital gains last year, to a loss of €49m. The net debt at the end of March was 4.1% higher at €2179.1m...

S&P lowers Italcementi credit rating, Italy

30 May 2012, Published under Cement News

Standard and Poor's lowered the long-term corporate credit rating on Italian cement maker Italcementi  to BB+ from BBB-, and its short term rating to B from A-3. The agency set a "stable" outlook. The downgrade was prompted by Italcementi's continued underperformance against S&P's rating guidelines, the agency said. The group's operating performance in 2012 is expected to continue to suffer due to depressed end-markets, S&P added. (SeeNews Italy).

Shriram to consolidate presence in Indian cement sector

24 May 2012, Published under Cement News

Shriram EPC, a publicly held company of Shriram Group, recently entered the cement sector by acquiring majority stake in Sree Jayajothi Cements and, according senior officials, a blueprint is being prepared to see how they can grow in this sector, The Business Standard of India reports that as a first step, Shriram EPC which controls Sree Jayajothi Cements, is raising INR400 crore through the private equity (PE) route for deployment in the cement firm. Senior officials of Shriram Group co...

Italian and French winters disrupt Italcementi first-quarter

08 May 2012, Published under Cement News

Italcementi’s first quarter turnover declined by 6.8% to €1071.7m, but the running EBITDA was only off by 3.1% to €126.7m. The trading profit, however, fell by 41.4% to €21.3m and, at the pre-tax level, there was a €7.8m loss, compared with a €24.1m profit. At the net attributable level, there was a swing from a €80.7m profit, thanks to capital gains last year, to a loss of €49m. Net debt at the end of March was 4.1% higher at €2179.1m, giving a gearing level of 45.5%, compared with 42.8% a...

Italcementi to become strategic partner of West China Cement

04 May 2012, Published under Cement News

Italian cement maker Italcementi said it has agreed to acquire a stake in West China Cement (WCC) as the group moves to strengthen its position in the world's largest building materials market. In a statement Italcementi said that when the deal is complete it will own a stake of around 6.25% in WCC to become the company's third-largest shareholder. Under the agreement Italcementi will sell to WCC Shaanxi Fuping Cement Company, which also owns 35% of Shifeng Cement, against the subscript...

Italcementi opens i.lab Research Centre, Italy

17 April 2012, Published under Cement News

Italcementi’s new Research and Innovation Centre designed by the US Architect Richard Meier, was inaugurated today in the presence of the Italian Minister for the Environment Corrado Clini. Minister Corrado Clini cut the ribbon in front of a large audience including Giampiero Pesenti, Italcementi Chairman, Carlo Pesenti, CEO, and the Group's top management. Also in attendance were representatives and journalists from 18 countries in which the Italcementi Group operates. Located in the Ki...

Devnya Cement begins expansion project, Bulgaria

30 March 2012, Published under Cement News

Bulgarian cement producer Devnya Cement, a unit of Italy’s Italcementi, has officially launched a EUR160m upgrade project. The company has signed up CBMI of China, a subsidiary of Sinoma International Engineering, as a general subcontractor for a new production line set to begin operation in early 2015, Italcementi in a statement. The annual capacity of the new production line will be nearly 1.5Mta of cement. Devnya is based near the Black Sea port city of Varna and has an annual capaci...

Italcementi wins supply contract for mega Kuwait infrastructure project

21 March 2012, Published under Cement News

Italcementi Group will be one of the suppliers for the Jamal Abdul Nasser Street Project, part of a mega infrastructure project in Kuwait City. This is being developed by the Rizzani OHL Boodai Trevi joint venture, comprising Italian construction Groups Rizzani de Eccher and Trevi, Spanish construction Group OHL and Kuwait conglomerate Boodai Corporation. The project includes the substantial upgrade of this main traffic artery in the middle of Kuwait City and upgrading the status of Jamal A...

Sibirsky to pay out EUR4m on failed Set deal, Russia

15 March 2012, Published under Cement News

Sibirsky Cement has paid out over EUR4m to the London branch of Netherlands-based ING Bank NV regarding a failed deal between the Russian producer and Italcementi for Turkish assets, according to local press reports. In 2008, Sibirsky concluded an agreement with ING Bank to organize the purchase financing of the Italcementi Set Group of Turkey which is a subisidiary of Ciments Francais (which, in turn is a unit of Italcementi). The deal was not completed and the bank demanded compensation...