Cement News tagged under: Portugal
Mozambique is Cimpor’s star performer04 December 2012, Published under Cement NewsFor the first nine months of 2012, Cimpor’s cement and clinker shipments were 9.4 per cent lower at 18.82Mt, as volumes dropped by just over one -third both in Spain and China while Mozambique proved to be the company's star performer. The assets to be retained by Cimpor as a result of the agreement between the major shareholders for splitting the Cimpor assets, were actually 0.7 per cent higher at 10.97Mt. Turnover for the nine months to September 2012 was down by 1.6 per cent to €1170.... |
Iberian impairments push Cimpor into a loss31 August 2012, Published under Cement NewsCimpor’s first half turnover declined by 5.5 per cent to €1086.8m, as the deterioration in Spain, Portugal and China could not be compensated for by improvements elsewhere. EBITDA was down by 15.3 per cent to €267.4m. The deterioration on the Iberian peninsula led to provisions of €270m being taken in respect of the Spanish assets and a further €20m against the downstream assets in Portugal, giving a total value adjustment charge of €407.2m compared with €117m. This led to a trading loss ... |
Brazilian market adjustments16 July 2012, Published under Cement NewsThe recently-approved takeover of Cimpor by Brazilian conglomerate Camargo Correa will not only lead to the reorganisation of the Portuguese cement major's operations, but is also set to alter the make-up of the Brazilian cement market. Last month, Camargo Correa succeeded in acquiring a controlling stake in Cimpor with a price tag of EUR2.5bn, raising its share from 33 to 94.8 per cent. Camargo is to integrate its South American and Angolan cement operations into Cimpor and according to ... |
Cimpor shareholders approve dividend proposal, Portugal09 July 2012, Published under Cement NewsCimpor shareholders today approved a proposal for the company to pay a dividend of EUR16.6/share, said an official at Cimpor who asked not to be named in line with company policy, Bloomberg reports. Shareholders hadn’t voted on the dividend proposal at a meeting on April 20 after Camargo Correa SA requested the meeting’s suspension during its bid for the Portuguese cement maker. |
Brazil competition authority approves Camargo purchase of Cimpor05 July 2012, Published under Cement NewsBrazil’s competition authority CADE has approved Camargo Correa’s purchase of a controlling stake in Portuguese cement producer Cimpor, subject to several conditions. The main condition set by the regulator is that Votorantim, Camargo’s competitor on the Brazilian market, sells its stake in Cimpor. Votorantim and Camargo Correa both bought shares in Cimpor in 2010. Through their shareholdings in Cimpor, both Camargo Correa and Votorantim increased their share of Brazil's market. Cade als... |
Cimpor asset swap to lift Votorantim capacity by 15Mta28 June 2012, Published under Cement NewsVotorantim Cimentos and InterCement (part of the Camargo Corrêa Group) have signed an agreement to undertake a corporate reorganisation of Cimpor. The procedure will give Votorantim control over the Portuguese cement company's assets in seven countries and result in the full separation of Votorantim and InterCement as Cimpor shareholders. After securing approval in all legal steps foreseen for the reorganisation, Votorantim Cimentos will also go on to operate in Turkey, Morocco, Tunisia, ... |
S&P lowers Cimpor to 'BB'27 June 2012, Published under Cement NewsOn June 26, 2012, Standard & Poor's Ratings Services lowered its long-term corporate credit rating on Cimpor to 'BB' from 'BBB-' and its short-term rating to 'B' from 'A-3'. The ratings remain on CreditWatch negative, where they were placed on April 3, 2012. The downgrade follows the announcement and settlement of Brazilian holding company Camargo Correa’s SA (CCSA’s) successful takeover of Cimpor from the majority of existing shareholders. The Camargo group currently owns about 73% of Cim... |
Ricardo Lima to become new Cimpor CEO, Portugal25 June 2012, Published under Cement NewsRicardo Lima, currently vice president of operations of InterCement, is to be the new CEO of Cimpor following, parent company, Camargo Corrêa’s takeover of the Portuguese cement major last week. Ricardo Fonseca de Mendonca Lima has been at his current role at InterCement since 2004. Last Wednesday, Brazilian industrial conglomerate Camargo Correa completed its takeover of Cimpor, controlling 94.8 per cent of the producer after the bid. The deal will involve an asset swap with Votorantim,... |
Lebanon demand falls, brighter times anticipated22 June 2012, Published under Cement NewsDespite a slowdown in current market activity, a bright future lies ahead for Lebanon’s cement industry, according to the chief of one the country's leading producers. Speaking, to The Daily Star, Pierre Doumet, CEO of Cimenterie National, admitted that domestic consumption has been falling as well as demand from export markets due to regional instability and eurozone economic concerns. “We expect the demand on the local market to recede by at least 15 per cent,” he said, noting that e... |
Camargo completes Cimpor takeover, Portugal21 June 2012, Published under Cement NewsBrazilian conglomerate Camargo Correa has completed its takeover of Cimpor, now controlling 94.8 per cent of the Portuguese producer, Cimpor said in a statement on the CMVM market regulator's website. The success of the move was largely expected by analysts who will now look at the terms in which the company's assets will be split between Camargo and Votorantim. The deal includes an asset swap with Brazil-based Votorantim, Cimpor's second largest shareholder. Camargo will integrate its Sou... |