Cement News tagged: Corporate
Ash Grove Cement receives US$3.8bn takeover proposal
CRH noted that an announcement by Ash Grove yesterday that the period for obtaining shareholder approval has been extended for its proposed acqusition. US cement maker Ash Grove Cement Co said on Thursday it received a larger takeover proposal valued at up to US$3.8bn, surpassing an earlier offer from Irish building materials firm CRH Plc. CRH said last month it agreed to buy Ash Grove for a ...
Xuan Thanh cement plant opens 12,500tpd line
ThaiGroup JSC, formerly known as Xuan Thanh Group JSC, has inaugurated the second production line of the Xuan Thanh cement plant in the northern province of Ha Nam, Vietnam. The production line has a total investment of VND10.8trn (US$475.25m) and a clinker capacity of 12,500tpd, the Dau Tu newspaper reported. After inaugurating the second production line, the company plans to invest in...
Pioneer Cement to acquire Galadari Cement
Pioneer Cement Company Ltd (PIOC) in a stock filing informed that it has signed a Memorandum of Understanding with sponsors of Galadari Cement (GULF) Ltd (GCGL) to acquire 100 per cent stake of the company. GCGL was incorporated in 1980 with acquisition of land at District Hub, in Baluchistan province of Pakistan, while formal construction of plant had begun during 1998. The plant's main e...
Bamburi Cement appoints new interim CEO
Bamburi Cement of Kenya has appointed chief financial officer Eric Kironde as its interim CEO following the departure of Bruno Pescheux. Pescheux stepped down from the role at the end of last month after a three-year stint in charge of Bamburi, opting to retire according to Chairman John Simba. "We would like to recognise the contribution of Bruno Pescheux and thank him for his leadership. W...
Cement Australia to pay an extra US$16.1m over fly ash competition case
The Australian Competition and Consumer Commission (ACCC) has failed to win a substantial increase in the penalty awarded against Cement Australia for breaching the competition rules over the purchase of fly ash in Queensland. However, the competition regulator did win a technical argument over who is liable for payment of the fine in the case of jointly-owned companies. Cement Australia i...
Ohorongo Cement awards staff land for houses
Ohorongo Cement staff received deeds of sale for land allocated to them by the Otavi Town Council in Namibia, on Tuesday. The cement producer made N$9m (US$661,619) available which is going towards the purchasing of land, as well as cement contributions for the construction of employee houses. " This is certainly the biggest highlight in the history of our company. Today, we created the firs...
Lehigh Inland Cement plant in Winnipeg catches fire
Winnipeg fire crews have been battling flames at the Lehigh Inland Cement plant on Kenaston. A ladder was extended towards the top of the structure just before noon Sunday, reports MyToba. Winnipeg police have blocked off the road leading to the factory. There is no word on how big the fire is, what sparked it, or how much damage has been caused.
Ash Grove Cement Board to come under investigation
WeissLaw LLP is investigating possible breaches of fiduciary duty and other violations of law by the Board of Directors of Ash Grove Cement Co in connection with the proposed acquisition of the Company by CRH, Plc. On 20 September 2017, the Ash Grove Cement announced the signing of a definitive agreement under which terms CRH will acquire all outstanding shares of Ash Grove Cement in a tran...
PT Siam Cement Group will seek growth in packaging sector
Thai owned PT Siam Cement Group (SCG) Indonesia plans to acquire more packaging companies in Indonesia to achieve higher growth amid tighter competition in the cement industry. PT SCG Indonesia business support director Vikorn Phongsatorn said his company would target local companies. "We will target some particular companies but it is hard to say how many because merger and acquisition oppo...
Dalmia Cement to support FIFA U-17 World Cup India
Dalmia Cement Bharat Ltd has signed up as a National Supporter of the FIFA U-17 World Cup India 2017, which kicks off on 6 October 2017. Chairman of the Local Organising Committee and President of the All India Football Federation Praful Patel said: "Dalmia has shown its commitment to the future of Indian youth with its partnership with the FIFA U-17 World Cup. We welcome them and salute thei...
Dangote Cement's Bouasnsa plant is almost complete
The US$300m Dangote cement grinding plant situated at Bouansa, Congo will start-up this month, Dangote Cement Plc has announced. Dangote cement's CEO, Onne van der Weijde, said: "The Congo Cement plant is now 99 per cent complete and set to commence operations." Dangote cement plant at Bouansa, Congo, expected to contribute at least 1.5Mta capacity, is a positive step steering the company...
Prudential Investment Managers advise against AfriSam merger with PPC
Prudential Investment Managers, one of the top three shareholders in PPC, says it opposes a proposed merger between South Africa's largest cement group and its unlisted South African rival AfriSam. Prudential, which holds 13-14 per cent of PPC, said it wanted "other shareholders to think twice" about such a transaction. It said AfriSam’s recent revised offer, which had the backing of Canada’s...
CRH said to be closing in on Suwanee America acquisition
CRH Plc is nearing an agreement to acquire Florida-based cement company Suwannee American Cement LLC from Votorantim Cimentos SA and Anderson Columbia Co, according to Bloomberg. The companies could announce an agreement this week, acording to the news seervice cources. The deal may value Suwannee at about US$750m. While talks are advanced, they could still be delayed or fall apart and the va...
Cementos Avellaneda will raise capacity at its La Calera plant by 2019
Cementos Avellaneda will increase its production capacity at its La Calera (San Luis) cement plant by 0.7Mta from 0.3Mta to 1Mta with an investment of US$200m by 2019. In addition, the company is currently invest some US$30m at its Olavarría (Buenos Aires) plant where it has been increasing the cement production capacity by 0.3Mta with start-up expected before the end of 2017. Cementos Avell...
Qalaa Holdings announces 2Q17 net loss of US$158m
Qalaa Holdings, a leading energy and infrastructure investment company based in Egypt, announced its consolidated financial results for the quarter that ended in 30 June with a net loss worth EGP2.8bn (US$158m) in 2017, compared to EGP277.5m in 2016. The company announced its revenues reached EGP2.3bn during the second quarter 2Q17, with revenue growth of 25 per cent YoY. Chairperson and Fou...
Plycem vows to increase competitiveness in Costa Rican market
Plycem, a new company owned by Mexican billionaire Carlos Slim, will fight for a place in Costa Rica's cement market from the first quarter of 2018. The Mexco-based company will operate in Salinas Esparza, Puntarenas, with an investment of US$17m in an area of 50,000M². The project will create at least 200 jobs. Óscar Fonseca, Plycem Central America CEO, explained that the main objective of ...