Cement News tagged under: corporate
TXI Reports 2Q, delay of Central Texas plant expansion09 January 2009, Published under Cement NewsTexas Industries, Inc today reported financial results for the quarter ended November 30, 2008. Net income was $3.9m ($.14 per share). Net income for the quarter ended November 30, 2007 was $29.3 million ($1.07 per share). TXI also announced the delay of its Central Texas cement plant expansion project, beginning in the May 2009 quarter. "The general economy caught up with the state of Texas this fall," stated Mel Brekhus, Chief Executive Officer. "In Texas, which accounts for approximately... |
CRH purchases shareholding in Yatai Cement, China08 January 2009, Published under Cement NewsCRH plc announces completion of its acquisition of a 26% shareholding in the Jilin Yatai Group’s cement operations (Yatai Cement), for RMB 2.1bn (EUR 224m), details of which were announced on 30 January 2008. Yatai Cement’s operations comprise four integrated cement plants and four separate grinding stations in Jilin and Heilongjiang provinces in north eastern China, with a current cement capacity of 14Mta. The group’s major investment programme is well advanced and is expected to b... |
PPA to restructure Semen Kupang, Indonesia08 January 2009, Published under Cement NewsAiling state cement producer PT Semen Kupang will be handed over to the Asset Management Company (PPA), a state-sanctioned agency tasked to restructure troubled state firms, to help put right the financial mess it is now in. "The PPA will look into the matter to decide the best steps to take to restructure it," Secretary to the State Ministry of State Enterprises Said Didu said on Wednesday. "It may even become a shareholder of Semen Kupang if necessary." Despite its financial problems, Sa... |
Merckle family empire gets bridge loan08 January 2009, Published under Cement NewsThe Merckle family of Germany said Wednesday that creditors agreed to provide a bridge loan for its VEM Vermögensverwaltung holding company, paving the way for the breakup of the family’s business empire. Ratiopharm, a generic drug maker, will be sold and Ludwig Merckle will step down as director of VEM as part of an agreement with banks, VEM said. "We’re happy to have found a solution," Merckle said in a statement. "The operating business at Ratiopharm, as well as other companies in which... |
Prism Cement’s Q2 net declines 52%06 January 2009, Published under Cement NewsPrism Cement Ltd posted 52 per cent fall in net profit during the second quarter of the financial year ending June 30, 2009. The company reported a net profit of Rs 31.03 crore for the quarter ended December 31,2008 as compared to Rs 64.45 crore in the comparable period last year. Sales of the company, however, declined marginally at Rs 250.79 crore from Rs 267.85 crore in the period under consideration. Net profit nosedived 60.41 per cent to Rs 46.04 crore for the half year ended December... |
China shares up on government support plans05 January 2009, Published under Cement NewsChina’s shares jumped Monday on the first trading day of 2009 after the government promised to take new steps to boost economic growth. The benchmark Shanghai Composite Index rose 3.3 percent, or 59.91 points, to close at 1880.72. The Shenzhen Composite Index for China’s smaller second market added 3.2 percent to 571.13. During a weekend visit to exporters, Premier Wen Jiabao said Beijing would enact new measures to help the steel and auto industries, according to state media. That comes o... |
China National Building Material gets RMB5bn assets05 January 2009, Published under Cement NewsThe state-owned Inner Mongolia Power Group has agreed to transfer all of its equity holdings in Inner Mongolia Volan Cement Group (Volan Cement) to China National Building Material Group Corp. CNBM will receive both the equity and outstanding liabilities of Volan Cement, and staff rights in the cement group will also stay intact after the merger. Commencing operation in 2000, Volan Cement is one of the large-scale cement enterprises that gained Chinese government supports. It has five pro... |
New plant for Jamaica revived03 January 2009, Published under Cement NewsDespite a global economic downturn, Canadian firm Cemcorp Cement is reportedly pressing ahead with plans to construct a US$200m cement plant and limestone quarry that will provide annual output 1.5Mt of cement and 5Mt of limestone, with sales largely geared towards export markets. The project would take 18 months to complete after receiving approval and breaking ground. Cemcorp - which is joint trading company in Ontario, Canada, operated by a group of five individuals, through it... |
Market leader ACC reviews past year03 January 2009, Published under Cement NewsSumit Banerjee, Managing Director of ACC, one of India’s leading cement groups discusses the past year, with 2008 marking the beginning of the end of one of the longest-profitable cycles the country’s cement industry has enjoyed and with December marking the point that ACC had temporarily shut one of its units in December — usually a month considered to be the beginning of a peak demand period in a year. CemNet provides coverage of the interview highlights from the influential Business Stand... |
Growth in AFR business brings cheer to ACC, India03 January 2009, Published under Cement NewsAfter reports of continuous de-growth in business, lay-offs, plant shutdown and putting its Rs 600 crore expansion of ready mix concrete business on hold, ACC Ltd, the largest cement manufacturer in India, has finally some good news to share. The company’s alternative fuels and raw materials (AFR) business, which it kicked-off early this year, is growing at more than 20% this year. The company, which was looking at pet coke and bio-mass as alternative fuel and raw material, had earlier told... |