Cement News tagged under: divestment

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PPC

26 April 2018, Published under Cement News

PPC is reportedly in talks with China National Materials Co (Sinoma) over the sale of a majority stake in PPC’s operations in the Democratic Republic of Congo. Over the last five years, PPC has invested ZAR12bn (US$995m) in new capacity, taking the company into Ethiopia as well as the Democratic Republic of Congo. However, an oversupply of cement in Congo has led to what PPC describes as a “challenging” time in the country, forcing it to negotiate a debt holiday with lenders. It is now lo...

Cimpor

02 February 2018, Published under Cement News

Cimpor is likely to return to the stock market as InterCement, the intermediate holding company, is looking to reduce debt levels.  InterCement sold a significant minority stake in its Argentine subsidiary Loma Negra last year.  The Cimpor business that is expected to become quoted is likely to consist of the operations in Portugal, Cape Verde, South Africa and Mozambique.

CRH

02 February 2018, Published under Cement News

CRH announced the completion of the sale of its Americas Distribution business for US$2630m at the beginning of January.    

Cementos Argos

25 January 2018, Published under Cement News

Argos USA LLC, a subsidiary of Cementos Argos SA, has sold 13 block manufacturing plants and a construction materials warehouse to Best Block LLC, a subsidiary of Quikcrete. The deal is reportedly worth US$50m. All the assets in question are located in Florida and Georgia and form part of the cement and concrete package acquired by Argos from Vulcan Materials in 2014.

CDC seeks ARM divestment

18 January 2018, Published under Cement News

The Commonwealth Development Corp (CDC), the UK government agency that acquired a 42 per cent stake in ARM Cement, is reportedly in talks with several, mostly Asian, companies to sell its shares in the Kenyan cement producer. When it invested in ARM Cement, the agency provided a US$140m cash injection to turn the cement firm around, but this has turned out to be insufficient.

Hurtado Vicuña on the verge of completing required divestment

10 January 2018, Published under Cement News

Grupo Hurtado Vicuña is expected to be soon completing the divestment of a part of Cementos Bicentenario (BSA) assets, one of the main conditions imposed by Chile’s Fiscalia Nacional Economica (FNE) and its anti-competition authority, TDLC, in terms of the company’s acquisition of Cementos Polpaico shares. Certain sources suggest that offers have been received for the BSA assets and that due diligence has started with a deal likely to be completed before the end of this month, reports El ...

HeidelbergCement

03 January 2018, Published under Cement News

HeidelbergCement has decided to divest of its calcium silicate business and has agreed to sell its seven plants in Germany and one in Switzerland to the Danish group H+H International for around EUR110m. The business is expecting to achieve a turnover of around EUR65m in 2017 with the EBITDA margin being around 20 per cent. H+H International currently operates 13 calcium carbonate plants in Europe and is in the process of acquiring a further business in Poland in addition to the deal w...

CRH completes US distribution operation divestment

03 January 2018, Published under Cement News

CRH plc reached an agreement to divest its Americas Distribution business for a total cash consideration of US$2.63bn on 24 August 2017, and the company has announced today that this transaction is now complete. The company said the price achieved from the sale of its US distribution operation to Beacon Roofing Supply represents 16 times earnings before interest, tax, depreciation and amortisation. A note by Dublin-based brokers Davy said in August that CRH’s disposal of its US distributio...

Italy's Antitrust Authority approves Cementir Italia sale

20 November 2017, Published under Cement News

The Italian Antitrust Authority (AGCM) has approved the sale of Cementir Italia and its subsidiaries Cementir Sacci SpA and Betontir SpA to Italcementi. Following the closing of the transaction, which is expected in the first days of January 2018, Italcementi will be required to adopt certain structural remedies, including the divestiture of some plants and behavioural measures. Italcementi will select the facilities to be divested among those identified by AGCM, which has established pre...

HeidelbergCement reduces Georgia investment

13 November 2017, Published under Cement News

HeidelbergCement is raising EUR115m (US$134m) by selling 50 per cent of its Georgian subsidiary to a Georgian investment fund called Cement Invest, which belongs to Georgian Co-Investment Fund and Hunnewell Partners, a special situations investment fund. HeidelbergCement has been active in Georgia since 2006 and a new kiln line is currently under construction that is expected be completed by the end of 2018. Currently, there are three integrated cement works, one grinding centre, 13 ready...