Cement News tagged under: corporate
Vulcan expects weak orders to cut 2009 profit11 June 2009, Published under Cement NewsVulcan Materials Co on Wednesday forecast 2009 profit below Wall Street expectations as construction product shipments are curbed by weak demand and wet weather. The company expects full-year profit to range between 70 cents and $1 per share, well below the $1.13-per-share average estimate of analysts polled by Thomson Reuters. The company also said it will see lower capital spending and cut its dividend in half in order to boost its available cash. |
Larsen & Toubro said to be selling 8.3% of UltraTech11 June 2009, Published under Cement NewsLarsen & Toubro Ltd, India’s biggest engineering company, is offering to sell 10.3 million shares in UltraTech Cement Ltd, equivalent to an 8.3 per cent stake, according to a source familiar with the transaction. Mumbai-based Larsen & Toubro may offer the shares at 720 rupees to 735 rupees apiece, the person said, requesting anonymity since the plan is confidential. The stake would be valued at 7.57 billion rupees ($160m) at the upper end of the range. Larsen & Toubro, which owns 11.49 per... |
GCC says talks with creditors continue10 June 2009, Published under Cement NewsMexican cement maker Grupo Cementos de Chihuahua (GCC), said Tuesday that it is still in talks with creditors in relation to outstanding debts. In a filing with the Mexican Stock Exchange, GCC said it will "continue negotiating with a view to reach a satisfactory agreement" with creditors. The company also said it has obtained a four-year, $30-million revolving line of credit with government export development bank Bancomext. |
TCC Intl buys Guangxi cement maker at HK$1.76bn08 June 2009, Published under Cement NewsTCC International said its subsidiary, TCCI, agreed to acquire the entire issued share capital of TCCI (Guangxi) but not the shareholder’s loan at HK$1.76bn. TCCI(Guangxi) holds the entire equity interest in TCC (Gui Gang), which is principally engaged in the business of the manifacture and distribution of cement and clinker and operates four integrated lines with an annual production capacity of 9Mt of cement and clinker located at Gui Gang City in Guangxi. |
Heidelberg Cement says financing goes in right direction04 June 2009, Published under Cement NewsTalks between German highly-indebted Heidelberg Cement AG and some 40 creditors are going in the right direction, the cement producer said Wednesday. Thus, the company rebuffed a report of daily Frankfurter Allgemeine Zeitung, saying it had only two weeks to agree with creditors on its bridge financing in order to avoid insolvency. At the end of the first quarter Heidelberg Cement had liquidity of around EUR 2bn, a spokeswoman for the company said. Creditor banks are allowed to urge Heidel... |
Cemex not likely to issue bonds before 3Q01 June 2009, Published under Cement NewsCemex is unlikely to go through with a MXP5bn (US$379m) bond issue without first announcing the status of its ongoing negotiations to restructure US$14.5bn in liabilities this year, Mexico City-based financial group IXE analyst Patricio Rivera told BNamericas. Local paper El Semanario reported Friday that the company is planning to carry out the operation through its Cemex Mexico and Cemex Concretos subsidiaries. The report said the bond issue would be carried out through a trust fund set ... |
Holcim (Slovensko) Reports EUR 26.673m. Profit Last Year29 May 2009, Published under Cement NewsThe largest cement producer in Slovakia, Holcim (Slovensko), a.s. Bratislava, netted SKK 803.539m (EUR 26.673m) last year. The company informed that its operating profit was SKK 576.704m (EUR 19.143m) and profit from financial operations was SKK 273.576m (EUR 9.081m). The volume of output amounted to SKK 4.757 billion (EUR 157.903 million) and production costs SKK 3.079bn (EUR 102.204m). Throughout 2008, Holcim in Slovakia increased sales of its products and services by 16.6 percent to SKK ... |
Cimpor names Jorge Moura permanent CEO29 May 2009, Published under Cement NewsCimpor will appoint Jorge Moura, its temporary CEO, officially to the post as of June 1, 2009, Cimpor said in a note to the national bourse regulator CMVM on Wednesday. The decision was taken at a meeting of the board of directors yesterday which also elected members for Cimpor’s executive committee. These are Luis Martins, who will substitute Moura whenever necessary; Manuel Blanc, Antonio Varela and Luis Vaz. With their nominations it became clear that Lafarge, a shareholder in Cimpor, h... |
Semen Gresik: in IDR3.55trn funding deal with bank Mandiri29 May 2009, Published under Cement NewsSemen Gresik Group said Thursday that it has secured a IDR3.55 trillion debt-financing facility with PT Bank Mandiri (BMRI.JK) to fund the construction of a cement plant and power generators by its unit PT Semen Tonasa. Semen Gresik said in a statement that the planned cement manufacturing plant would have annual output of 2.5 million metric tons. It said the annual interest on the financing will be 12%. Semen Gresik Group comprises PT Semen Gresik (SMGR.JK), Indonesia’s largest cement ma... |
South Africa: Stuiver to take over at PPC from CEO Gomersall28 May 2009, Published under Cement NewsPretoria Portland Cement (PPC), SA’s largest cement maker, yesterday announced the sudden departure of CEO John Gomersall, who is to step down at the end of next month after 17 years at the helm. Gomersall will be replaced by PPC director and former Barloworld Logistics CEO Paul Stuiver, who will become CEO-designate from next month and eventually take the reins fully on July 1. |