Cement News tagged under: Restructuring

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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...

India Cements to restructure non-core assets

07 June 2013, Published under Cement News

India Cements has said it will restructure its non-core assets, enabling the company to focus on core areas of its business and increase profitability. The company is expected to announce businesses in which it wants to partially or fully exit when it announces its quarterly results later this year. “We are working on whether to merge, hive-off or to sell to make all these businesses profitable and if we can grow independently,” N Srinivasan, vice-chairman and managing director, said. ...

Holcim reduces capital in Spain by 75%

07 June 2013, Published under Cement News

The challenging state of the Spanish cement market has prompted Holcim to reduce its capital in Spain by 75 per cent or EUR568m. The capital reduction will be carried out by reducing the nominal value of shares, is the direct consequence of the losses registered by the Switzerland-based company in the past few financial years. ??At the start of the year, Holcim announced the closure of its Lorca plant as not only production levels were low, but there was also no sign of positive developme...

Siam Cement to consolidate cement and building materials businesses

29 March 2013, Published under Cement News

Siam Cement Group (SCG) is consolidating its cement and building materials businesses to strengthen its competitiveness for further regional expansion. "There is strong synergy among the cement, building materials and distribution businesses, which are related to the construction industry," said Kan Trakulhoon, SCG president and, said in a filing to the Stock Exchange of Thailand. The company aims to increase its Asean sales from 18 per cent of the total and has budgeted THB40-50bn f...