Cement News tagged under: Mexico

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Mexico: Elementia IPO in 1Q15

27 November 2014, Published under Cement News

Eduardo Musalem, Elementia’s CEO, said the Mexican cement company is looking to list shares during the 1Q15 if market conditions are good. "We are ready to debut in the market," said Mr Musalem. "It could be the end of January, if the posibility exists, or February or March." Elementia agreed to buyout Lafarge’s 47 per cent in the joint venture company in September 2014. Billionaire Carlos Slim is reported to have an about 46 per cent share in Elementia though Grupo Carso.

Fitch assigns ‘BB+(EXP)’ to Elementia proposed notes, Outlook Stable

18 November 2014, Published under Cement News

Fitch Ratings has assigned an expected rating of 'BB+(EXP)' to Elementia, SA de CV’s proposed US$400m notes with a maturity of up to 10 years. Proceeds from the notes issuance will be used for general corporate purposes, including the repayment of existing indebtedness and the purchase of joint venture minority interests. The new notes will rank pari passu with Elementias's existing unsecured debt. The Rating Outlook for Elementia is Stable, reflecting its “strong business profile char...

Mexican and Colombian imports to help meet Nicaragua project

10 October 2014, Published under Cement News

Imports from Mexico and Colombia can ensure the supply of cement for the Gran Canal Interoceanico project in Nicaragua, according to the president of the High Council of Private Enterprise, José Adán Aguerri. He added that steps were being taken to further research supply options in the wider region, including the Caribbean, with the help of the private sector. However, the area faces supply shortages, which are expected to require further capacity building by cement companies. For example...

Lafarge

03 October 2014, Published under Cement News

Lafarge has agreed the sale of its wholly-owned Russian subsidiary Uralcement to Buzzi Unicem for EUR104m and the proceeds will be used to reduce Lafarge's net debt. In May, Lafarge commissioned its Ferzikovo works in Russia, which is better placed for serving the more vibrant Moscow market. Lafarge is selling its 47 per cent stake in its Mexican associate Cementos Fortaleza to the majority shareholder Elementia less than two years after the jointly-owned company was formed. The industria...

Elementia: Fortaleza brand to register 20% growth in 2014-15

24 September 2014, Published under Cement News

Despite a slow market, Mexico’s Cementos Fortaleza expects to close 2014 and 2015 with growth. Antonio Taracena, director general at Elementia, owner of the Fortaleza brand, attributes the growth due to the new brand. Although sales are forecast to rise by barely one per cent in Mexico this year, Elementia – owned by Carlos Slim and Antonio del Valle – expects to show 20 per cent growth by end-2014, and predicts the same level for 2015. "We will grow another 20 per cent, as in this ye...

Elementia plans IPO, Mexico

23 September 2014, Published under Cement News

Mexico's Elementia is exploring the possibility of soon launching an initial public offering (IPO) to expand its cement business and fuel further acquisitions, the company's chief executive officer said on Monday. Senior Elementia executive Eduardo Musalem said in a conference call that the company was looking at issuing stock and that a decision would be made by the beginning of next month. He added that it was too early to say how big the share offer could be. The company has four divisi...

Mexico: Lafarge sells its minority stake in Elementia

22 September 2014, Published under Cement News

Lafarge announces the sale of its 47 per cent minority stake in its cement operations in Mexico to Elementia for a cash consideration of US$225m (EUR175m). The joint venture between Lafarge and Elementia operates three cement plants in central Mexico, close to the capital city. This divestment will contribute to Lafarge's objective to reduce net debt. This transaction is subject to the approval of relevant authorities and customary closing conditions.

New FLSmidth Service Centre in Zacatecas, Mexico

19 September 2014, Published under Cement News

FLSmidth recently opened its newest service centre in Zacatecas, Mexico. The official opening was attended by Zacatecas state governor, Miguel Alonso Reyes; Patricia Salinas, secretary of economy and social development; Ingeniero Horacio Franco, Mayor; representatives from the state government administration and the Mexican mining community, and the press. FLSmidth was well represented with key management personnel attending from the Salt Lake City, Santiago and local Mexican offices. The g...

Cemex to buy back over US$950m of debt

18 September 2014, Published under Cement News

Cemex said on Wednesday it would buy back more than US$950m worth of its debt from bondholders through a tender offer, as part of a wider plan under a new chief executive to reduce its leverage, Reuters reports. Cemex said holders of US$592.5m worth of outstanding nine per cent notes due in 2018 and US$365.1m worth of 9.25 per cent notes due in 2020 had tendered their notes by the Wednesday deadline. The purchase will help the company to lower its debt-to-equity ratio and reduce interest p...

Fitch Assigns 'BB -' Ratings to CEMEX's Notes

08 September 2014, Published under Cement News

Fitch Ratings has assigned expected ratings of 'BB-/RR3(EXP)' to Cemex's proposed USD notes due in 2025 and its proposed Euro notes due in 2022. Proceeds from the Euro notes issuance will be used for general corporate purposes, including the repayment of indebtedness under Cemex's Facilities Agreement. Proceeds from the USD issuance will be used for general corporate purposes, including the repurchase of a portion of the company's outstanding 2018 and 2020 notes. The Rating Outlook for Cemex...