Cement News tagged under: corporate
CRH announces non-executive board appointment24 June 2009, Published under Cement NewsThe Board of CRH plc announced the co-option to the Board today, 24 June 2009, of John W Kennedy, as a non-executive Director. Mr. Kennedy (59), who is based in London, is Chairman of Wellstream Holdings plc, a company in the energy services field, which is listed on the London Stock Exchange. In a 30 year career in a number of international industrial and energy related companies, he has served as Executive Vice President of Halliburton Company, President of Dresser Enterprises and Chief ... |
No HeidelbergCement deal on Hanson set in concrete just yet22 June 2009, Published under Cement NewsGermany’s HeidelbergCement has refinanced €8.7bn (US$15.1bn) in debt, taking some of the urgency away from any potential sale of its local unit, Hanson Australia. Adelaide Brighton, along with Ireland’s CRH, it is the most likely bidder for the unit. Deutsche Bank was advising Heidelberg on any possible sale of Hanson Australia. Citigroup places a $2.7bn valuation on Hanson Australia based on underlying EBITDA of US$412m Analsyt Jonathon Snape regards AdBri as having a good chance of purch... |
HeidelbergCement shares rise on refinancing agreement19 June 2009, Published under Cement NewsHeidelbergCement, the German cement maker owned by billionaire Ludwig Merckle, rose the most in more than three months in Frankfurt trading after announcing a “comprehensive” refinancing agreement involving more than 50 international lenders. The new syndicated loan totals €8.7bn (US$12.2bn) and runs until December 15, 2011, the company said in an e- mailed statement. It did not identify the lenders. HeidelbergCement ran up debt in the US$12bn takeover of Hanson Plc in 2007. The statement ... |
Cemex could sell stock to relieve debt squeeze19 June 2009, Published under Cement NewsMexican cement giant Cemex SA, weighed down by huge debts from an acquisition made as the US housing-market went into freefall, may have to sell new stock to avoid a pricey bank refinancing or even worse, risk defaulting on its debt, analysts say. Credit Suisse estimates that Cemex, a big provider of ready-mix concrete to the US, will face a funding shortfall next year on part of its roughly US$16bn in debt. Expected cash flow from its operations is likely to fall short of the principal on ... |
LIC purchases INR174 crore shares of Ultratech Cement18 June 2009, Published under Cement NewsLife Insurance Corporation (LIC) of India has purchased 24lakh share of Ultratech Cement worth INR174 crore through an open market transaction. Prior to the said buyout, LIC held over 58.14 lakh shares, while now it holds over 82.14 lakh shares of Ultratech Cement. Shares of Ultratech Cement today settled at INR711.95, down 0.24 per cent on the Board Stock Exchange(BSE). |
HeidelbergCement seen up on financing18 June 2009, Published under Cement NewsShares in German cement maker HeidelbergCement are indicated 4.4 per cent higher in pre-market trade after two bankers close to the situation tell Reuters that lenders to the troubled company are set to approve its €9bn (US$12.47bn) loan restructuring. "(The) HeidelbergCement share reacts very sensible to news on financing efforts," a local trader says, but adds that the news comes "more or less as expected." Signing is expected to be concluded by Thursday, which will allow HeidelbergCemen... |
Cemex Falls to Three-Week Low on Bank of America Cut17 June 2009, Published under Cement NewsCemex plunged to the lowest in three weeks in New York trading after it was cut to “underperform” from “neutral” Bank of America Corp. on valuation concerns. Cemex’s American depositary receipts fell for a second day, losing 6.9 percent to $9.59. In Mexico City, the shares sank six per cent to 12.99 pesos. Monterrey, Mexico-based Cemex trades at a 25 per cent premium to rivals Holcim Ltd and Lafarge based on forward earnings, Bank of America analysts said. The bank lowered its price estima... |
Italcementi, Ciments Francais boards to meet Friday17 June 2009, Published under Cement NewsThe boards of Italcementi and Ciments Francais will meet on Friday to discuss the merger of the two companies, an Italcementi spokesman said on Tuesday. "The boards of Italcementi and Ciments Francais have been called for June 19 to examine all the aspects regarding the merger of the two companies," the spokesman said. Italcementi, the world’s fifth-largest cement maker by production capacity, said in February it would buy out the 18 percent of Ciments Francais it does not already own. |
Cemex in further divestments15 June 2009, Published under Cement NewsMartin Marietta Materials has paid Cemex US$65m for three quarries in Nebraska, Wyoming and Utah as well a a 49% minority interest in a further quarry in Wyoming, already controlled by Martin Marietta. Last year, these quarries produced a total of 3Mt of aggregates for Cemex. In the first three months of this year, Martin Marietta sold 23.95Mt of aggregates, a decline of 20.2%, while average prices improved by 3.7%. |
Lafarge Cement appoints new SA chief11 June 2009, Published under Cement NewsLafarge Cement has appointed Thierry Legrand as its new CEO for South Africa. For the last four years, Legrand has been the GM of Lafarge Gips, the group’s plasterboard subsidiary responsible for Germany and the Netherlands. Following his role in Germany, he decided to seek other challenges outside of Europe but still within Lafarge, and has now made the move to the South African operations. |