Cement News tagged: Corporate
TCL downgraded by Fitch Ratings
Trinidad Cement Ltd (TCL) has been downgraded by Fitch Ratings, just days after Standard & Poor’s (S&P) also lowered its corporate credit rating on the Caribbean-based producer. Fitch’s primary analyst Phillip Wrenn said in a statement that cement company’s foreign and local currency issuer default ratings (IDRs) had dropped to ‘D’ from ‘B-’. “This downgrade to ‘D’ follows the announceme...
Cementos Argos board approves bond issue
The board of Cementos Argos has authorised a bond issue of up to COP1trn (US$493m), proceeds from which will be used for working capital and debt payments, the company said in a statement. Cementos Argos, Colombia’s largest cement producer, will have three years to issue the paper, although typically bonds are released within a few months of the board's approval. The company, a subsidiary...
Vulcan expands through acquisitions, USA
Vulcan Materials Company, the biggest construction aggregates producer in the US, completed six acquisitions during its third quarter to expand its aggregate operations. These consist of five aggregates facilities and concerning downstream assets in Albuquerque, Phoenix, and Santa Fe, and an aggregates operation in Delaware that serves the markets in Northern Virginia and Washington, DC. The...
Senior appointments at Gujarat Sidhee Cement, India
VR Mohnot has been appointed as Chief Financial Officer & Company Secretary of Gujarat Sidhee Cement effective 1 October 2014. In addition,. Anupama Pai has been named Compliance Officer, the company said in a statement to the Bombay Stock Exchange.
Venezuela: final compensation installment delayed
Holcim is yet to receive the last compensation installment in connection with the nationalisation of Holcim Venezuela in 2008, the company said in a statement today. Corporación Socialista Del Cemento, SA, which is operating the former Holcim plant, has not transferred the remaining compensation amount of USD$97.5m due on 10 September 2014. The Swiss cement major said it is in contact with ...
S&P's downgrades Trinidad Cement Ltd
Standard & Poor's Ratings Services lowered its corporate credit rating on Trinidad Cement Ltd Group (TCL) to 'D' from 'B'. The downgrade reflects TCL's missed debt service payments due 30 September 2014. Such maturities are not subject to a grace period and we do not expect payment within five business days, which Standard & Poor's considers an event of default as per its criteria. In ad...
Ciments du Maroc posts positive 1H14 results
Ciments du Maroc saw turnover increase to MAD1.63bn (US$185m) in 1H14, up 16.4 per cent from MAD1.4bn the same period the previous year. However, the company also experienced a 22 per cent rise in costs from MAD976.47m in 1H13 to MAD1.19bn, particularly in terms of raw materials and labour costs. This resulted in an operating profit of MAD444.234m, 7.8 per cent lower than the MAD481.56m not...
Turkey: CRH and Eren Holdings plan sale of JV
CRH and its Turkish partner Eren Holdings have applied to Turkey's competition regulator to sell their joint venture, Denizli Cimento, to army pension fund OYAK Group, according to a statement on the watchdog's website. Irish building materials major CRH and Istanbul-based Eren each hold a 50 per cent stake in Denizli. No price was given for the disposal. CRH has embarked on a disposal...
Egypt: National Cement swings to full-year loss
National Cement Co swung to a net loss of EGP138.4m (US$19.35m) in the fiscal year ended 30 June 2014 from a net profit of EGP93.5m for the year-earlier period. The pretax loss for the reported 12 months amounted to EGP135.5m, versus a pretax profit of EGP93.31m. The Egypt-based producer attributed the sharp negative change in its financial performance to two main factors: lower productio...
TCL places hold on all debt payments
Following a financial assessment of Trinidad Cement Ltd (TCL) by PricewaterhouseCoopers (PwC), the Caribbean-based cement producer has decided to place a hold on all payments due under the existing restructured loan agreements and has proposed a “standstill.” The decision to propose a standstill came after TCL met with its lenders on Monday to update them on the present state of the compan...
Alain Bourguignon, Marc Soule join Holcim's asset sale committee
Holcim, which is set to merge with French peer Lafarge in 2015, has named Alain Bourguignon and Marc Soule members of the asset sale committee. Bourguignon was so far in charge of Canada, UK and USA, while Soule was Lafarge's performance management director. Roland Koehler, Holcim's director for continental Europe, will also take on the British market, while Andrea Leu, who is director fo...
Cemex enters new US$1.35bn credit agreement
Cemex SAB de CV announced it entered a new credit agreement for US$1.35bn with nine of the main lending banks from its Facilities Agreement of 17 September 2012. The new agreement’s main terms include an average four-year term with equal semi-annual payments of principal of 20 per cent each, with a three-year grace period and September 2019 as the last payment date. In addition, there will b...
Reliance Infrastructure plans to triple capacity to 15Mta by 2017
India’s Reliance Infrastructure plans to nearly triple its cement capacity to 15Mta over the next three years. The current capacity at the company, led by Anil Ambani, is 5.8Mta as the cement producers operates plants in Madhya Pradesh, Maharashtra, Uttar Pradesh and Bengal. "We will be tripling our cement capacity in the next three years by setting up new plants in MP and Maharashtra," com...
Zuari Cement hosts groundbreaking for Gulbarga plant
Through its Gulbarga Cement Ltd (GCL) subsidiary, Zuari Cement plans to build a 3.23Mta cement works in Gulbarga, Karnataka, India. In addition, the company will be setting up a 50MW captive power plant. The foundation stone of the new plant, which is located 28km from Gulbarga on the Gulbarga-Bangalore highway, was laid on 30 September, by Francis along with Ramesh Suryanarayana, director b...
Summit Materials in line for cement IPO?
Summit Materials LLC, which is co-founded by Blackstone Group LP, is preparing an initial public offering (IPO) this year as concrete deals intensify, according to sources quoted by Bloomberg. The sharesale will be manage by Goldman Sachs Group Inc and Citigroup Inc and it is expected that the Denver-based cement company could be valued at about US$2.5bn in the IPO. Summit Materials was...
Cohrs elected chairman of CTLGroup Board of Directors
The CTLGroup Board of Directors elected Cary O. Cohrs as chairman during the organisation’s recent autumn board meeting in Chicago, Illinois, USA “Cary Cohrs brings a wealth of construction-related leadership to the CTLGroup Board,” Brent Nixon, CTLGroup president/CEO said. “We are excited to work with him in his new role as chairman, developing building solutions and new technologies to gr...