Cement News tagged under: Restructuring

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China National Building Materials (CNBM)

02 March 2016, Published under Cement News

Shares in companies related to China National Building Materials (CNBM) Group and China National Materials (Sinoma) Group have fluctuated sharply over recent weeks as the companies continue their reorganisation plans. 2015 saw China unveil restructuring plans for several state-owned enterprises, including CNBM and Sinoma, covering reforms on ownership, management and supervision. On the back of this, shares in Sinoma surged by the daily maximum rate in late January while those in building...

LafargeHolcim reportedly plans to launch downsizing plan in Spain

29 October 2015, Published under Cement News

LafargeHolcim plans to launch a downsizing plan for 15 per cent of its workforce in Spain, according to local press reports. The launch of the downsizing plan was attributed to the difficulties that the company faces in Spain, due to the low cement demand in the country and the overlapping of workforces following the merger of Lafarge and Holcim, market sources said. LafargeHolcim currently has a workforce of 1000 employees in Spain and its annual revenues in the country amount to EUR300...

Conch Group unveils restructuring plan, China

30 December 2014, Published under Cement News

State-owned Conch Group of China has unveiled a plan to streamline shareholdings within the company.  The Anhui provincial government intends to convert its indirect controlling shareholding of Anhui Conch Cement Co and Wuhu Conch Profiles & Science Co into direct ownership, according to filings to the Hong Kong exchange on Monday.  Morgan Stanley said this might be an early step for the Anhui provincial government to exit from its shareholdings. 

China: joint venture formed to restructure Zhongxia Cement

02 December 2014, Published under Cement News

Gezhouba Group Cement Co Ltd and Hubei Zhongxia Cement Company Ltd have signed an agreement to form a joint venture to restructure the assets and businesses of Zhongxia Cement. Gezhouba Group Cement is a China-based company that engaged in the research, development, manufacture and marketing of cement. Under the terms of the agreement, the JV, with a registered capital of US$190m, will be engaged in production and sales of cement, clinker and fine slag powder and opencast mining of lime...

TCL places hold on all debt payments

02 October 2014, Published under Cement News

Following a financial assessment of Trinidad Cement Ltd (TCL) by PricewaterhouseCoopers (PwC), the Caribbean-based cement producer has decided to place a hold on all payments due under the existing restructured loan agreements and has proposed a “standstill.” The decision to propose a standstill came after TCL met with its lenders on Monday to update them on the present state of the company. “Subsequent to the meeting, the board of directors took a decision to place a hold on all paym...

India Cements to demerge Super Kings division

24 September 2014, Published under Cement News

India Cements said Tuesday it would demerge the Chennai Super Kings (CSK) division into a wholly-owned subsidiary. "Our company presently owns Chennai Super Kings (CSK) - BCCI-IPL Franchise 20/20 Cricket Tournament Team. We propose to demerge the said CSK Division to a wholly-owned subsidiary of our company," the company said in a statement filed with the Bombay Stock Exchange (BSE). India Cements said the proposed demerger has been included for consideration of the board of directors slat...

Corporate restructuring at FLSmidth

14 August 2014, Published under Cement News

FLSmidth has announced a number of organisational structure changes, as well as adjustments to the Group Executive Management. The new organisation will consist of the four divisions. The Material Handling and Mineral Processing divisions will be merged into a Minerals division. Cement and Customer Services will be maintained as separate divisions. A new Product Companies division will be created to foster globalisation and growth of FLSmidth's unique product brands. FLSmidth said the new...

China: MIIT issues warning on new capacity

08 August 2014, Published under Cement News

China’s Ministry of Industry and Information Technology (MIIT) has issued an emergency decree ordering regulatory departments across the country to stop the cement sector from adding new capacity. The move is in response to some local governments indiscriminately launching new capacity to spur a slowing economy, ignoring the country's restructuring efforts. Policymakers have tried repeatedly in recent years to eliminate excess capacity in the cement sector as part of efforts to restructure...

Kesoram Industries to restructure businesses, India

27 June 2014, Published under Cement News

Kesoram Industries, part of the BK Birla Group, has set up a three-member committee of directors to explore options to reorganise its businesses, including the possible hiving off of its cement unit.. Two directors of the committee are independent, the company said. There has been speculation that Kesoram, which has interests in cement, tyre and rayon businesses, may  merge its cement division with group entity Century Textile's cement business. The move to realign the company's ...

Cementos Portland Valderrivas reduces losses

29 July 2013, Published under Cement News

Spain’s Cementos Portland Valderrivas cut losses by nearly 99 per cent to EUR0.6m (US$0.8m) despite a sharp decline in domestic cement demand. In the 1H12, the company had made losses of EUR48.6m. Valderrivas also swapped assets with Ireland’s CRH in 1H13, which provided capital gains of EUR104.8m. Valderrivas chairman and CEO José Luis Sáenz de Miera said: “Results for the first half reflect efforts last year to reduce costs in Spain, where demand continues to shrink, and to improve e...