Cement News tagged under: Mergers and Acquisitions

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CRH announces completion of Ash Grove acquisition

21 June 2018, Published under Cement News

CHR has now completed the acquisition of Ash Grove Cement Co. The Irish building materials producer announced on 21 September 2017  it reached an agreement to acquire the Kansas-based cement company for US$3.5bn. The US Federal Trade Commission issued its consent order for the deal on 15 June 2018.

Belarusian government ready to sell Krasnoselskstroymaterialy

18 June 2018, Published under Cement News

The Belarusian government is ready to sell Krasnoselskstroymaterialy to CRH for approximately US$200m, according to Deputy Prime Minister, Anatol Kalinin. "The investor does not want to buy the entire stake although we are offering it to purchase 100 per cent of its shares," he said, adding that the sides continued their talks and were bringing their positions closer together. The government is determined to carry out a targeted privatisation, said Mr Kalinin. The cement manufacturer has...

CRH receives approval to acquire Ash Grove Cement

15 June 2018, Published under Cement News

CRH Plc has received regulatory approval to acquire Ash Grove Cement Co. The US Federal Trade Commission has issued its consent order, with the US$3.5bn transaction expected to close in June 2018. CRH has agreed to divest assets to secure antitrust approval for the deal. As a result, the company will sell a cement plant and quarry in Montana, sand and gravel pits in Nebraska and four facilities (two limestone quarries and two asphalt plants) in Kansas, according to Reuters.

Shree Cement announces investment plans

11 June 2018, Published under Cement News

India’s Shree Cement Ltd has announced a INR35bn (US$519.79m) capital expenditure budget for the current financial year. The amount includes INR20bn which will be spent to conclude the acquisition of UAE-based United Cement Co PSC by July, a few months ahead of plans, according to Subhash Jajoo, CFO, Shree Cement. Furthermore, the company plans to invest INR13-14bn to set up grinding units in Odisha, Jharkhand and West Bengal. Once completed, these plans would see the company raise its prod...

Orient Cement terminates agreement with Jaypee Group firms

31 May 2018, Published under Cement News

India’s Orient Cement has terminated the agreement to acquire two assets, Bhilai Jaypee Cement Ltd and the Nigrie cement grinding unit, from Jaypee Group firms for a total investment of INR19.46bn (US$288.23m), according to the Hindu Business Line. Orient Cement had signed a share purchase agreement (SPA) with Jaiprakash Associates Ltd (JAL) for 74 per cent equity shares of Bhilai Jaypee Cement. Furthermore, the company had signed a business transfer agreement (BTA) with Jaiprakash Power V...

Ibeto Cement signs deal to receive US$850m in funding

29 May 2018, Published under Cement News

Nigeria’s Ibeto Cement Co Ltd has signed a deal to receive US$850m in financing from Milost Global Inc, according to the New York-based private equity firm. The binding agreement includes US$500m in equity and US$350m of debt. The chairman of the Ibeto Group, Cletus Ibeto, has announced the company’s plan to grow beyond west Africa through the acquisition of other cement businesses within the next 12 months, according to Milost Global. The cement producer is currently developing two cement ...

UltraTech set to acquire Century Textiles' cement business

21 May 2018, Published under Cement News

UltraTech has announced plans to acquire the cement sector of Century Textiles through a share swap deal, which will further strengthen its presence in the eastern and central markets of India. The deal is expected to be completed within 6-9 months following regulatory approval and will increase the efficiency of the company. "The operations will be bolstered by economies of scale arising out of synergies in procurement and logistics costs; creation of efficiencies by reducing time to mar...

Pakistan's Popular Group has reportedly purchased Dadabhoy Cement

18 April 2018, Published under Cement News

Pakistan’s Popular Group of Industries has reportedly purchased Dadabhoy Cement Industries Ltd. The company’s plant in Dadu District, Sindh Province, has been closed for several years following the alleged default of local financial institutions. Although the sale is yet to be made public, local news reports suggest that Popular Group has started refurbishing the plant. Dadabhoy Cement had previously announced that it was in negotiation with potential buyers in its 2017 annual report. Follo...

Huaxin heads for excellence

05 April 2018, Published under Cement News

With a clinker capacity of 60Mta and a cement capacity of 90Mta, Huaxin Cement is a major player in the global cement industry. ICR spoke with Li Yeqing, CEO of Huaxin Cement, to find out more about the company’s plans going forward. Huaxin Cement’s Yangxin works in Hubei, China, is part of the company’s 59-plant strong domestic network of cement production facilities Huaxin Cement has 146 facilities, including 59 cement plants, in 10 provinces and cities. Its Chinese works ...

UltraTech announces new bid for Binani Cement

20 March 2018, Published under Cement News

UltraTech Cement announced its intention to take over Binani Cement on Monday, with an offer of INR72.66bn (US$1.11bn). The new offer follows Dalmia Cement's claim that its INR63.50bn bid had been accepted by lenders last week. UltraTech's board has agreed to supply a 'comfort letter' guaranteeing the INR72.66bn in return for a 98.43 per cent stake in Binani Cement, according to DNA Money. Binani Industries and UltraTech have previously commented on the secrecy of the bidding process, ...