Cement News tagged: Corporate
Chinese companies ink Indonesian plant agreement
Two Chinese companies signed an agreement on Thursday to jointly invest in an Indonesian cement factory as part of investment cooperation measures agreed by the two countries in 2013. State Development and Investment Corp (SDIC) and Anhui Conch Cement Company (Conch) will fund the project of building production lines and relevant facilities of the factory located in West Papua Province. A...
Sagar gets Board nod for BMM acquisition
The board of Sagar Cements has given approval in-principle for the acquisition of a 100 per cent equity stake in BMM Cements Ltd as the company seeks to expand its presence in southern India. The deal involves the acquisition of a 1Mta cement plant and a 25MW captive thermal power plant in Gudipadu, near Tadipatri Anantapur district in the state of Andhra Pradesh. Successful completion of...
Semen Indonesia seeks loan for Papua plant construction
Semen Indonesia is seeking IDR600-IDR840bn(US$50-70m) in bank loans to help finance construction of a new cement plant in Jayapura, Papua, according to reports by the Jakarta Globe. Indonesia's largest cement producer has recently announced its intention to construct the first cement plant in the country's most eastern-most province to meet the region's demand potential and reduce distributio...
South Valley Cement 1H net profit reaches EGP64.9m
Egyptian cement producer South Valley Cement Co said yesterday its first-half net profit increased to EGP64.9m (US$9.07m). In the comparative period of the previous year, the company’s net profit stood at EGP 57.8m.
Sabanci Holding eyes LafargeHolcim assets
Turkish conglomerate Sabanci Holding plans to bid for some of the assets Lafarge and Holcim must sell to receive approval from competition watchdogs ahead of its planned merger, a source with knowledge of the deal told Reuters. Sabanci is aiming for growth through acquisitions and said in March that it plans to spend TRL1-1.5bn (US$448-672m) on such investments. "Preparations are being made ...
Elementia: Fortaleza brand to register 20% growth in 2014-15
Despite a slow market, Mexico’s Cementos Fortaleza expects to close 2014 and 2015 with growth. Antonio Taracena, director general at Elementia, owner of the Fortaleza brand, attributes the growth due to the new brand. Although sales are forecast to rise by barely one per cent in Mexico this year, Elementia – owned by Carlos Slim and Antonio del Valle – expects to show 20 per cent growth by ...
India Cements to demerge Super Kings division
India Cements said Tuesday it would demerge the Chennai Super Kings (CSK) division into a wholly-owned subsidiary. "Our company presently owns Chennai Super Kings (CSK) - BCCI-IPL Franchise 20/20 Cricket Tournament Team. We propose to demerge the said CSK Division to a wholly-owned subsidiary of our company," the company said in a statement filed with the Bombay Stock Exchange (BSE). India C...
Eagle Materials appoints Beckwitt to Board of Directors
Eagle Materials announced that it has appointed Richard Beckwitt to its Board of Directors. Mr Beckwitt is President of Lennar Corporation, where he has worked for eight years. Prior to his work with Lennar, Mr Beckwitt held various executive officer positions at DR Horton, including President. "Rick brings a wealth of experience in the homebuilding business to the ...
PPC chief executive quits, South Africa
Ketso Gordhan, the chief executive officer of PPC Ltd (PPC), resigned from his post at South Africa’s largest cement maker because of differences with the board. Mr Gordhan, who was appointed at the start of last year, quit abruptly on Monday prompted by what the company described in a statement as "differences of opinion" with the board, regarding "procedures for the approval of certain dec...
Senior appointments at Star Ferro and Cement Ltd
Star Ferro and Cement Ltd has appointed Sanjay Kumar Gupta as chief executive officer, effective 20 September 2014. Dilip Kumar Agarwal has been appointed chief financial officer, also effective 20 September 2014.
Mexico: Lafarge sells its minority stake in Elementia
Lafarge announces the sale of its 47 per cent minority stake in its cement operations in Mexico to Elementia for a cash consideration of US$225m (EUR175m). The joint venture between Lafarge and Elementia operates three cement plants in central Mexico, close to the capital city. This divestment will contribute to Lafarge's objective to reduce net debt. This transaction is subject to the appro...
Saudi Arabia: weak demand keeps Hofuf kilns closed
Saudi Cement Co said it would not restart the two refurbished kilns at its Hofuf plants as the company currently has a high inventory level and market demand remains weak. “The feasibility of operating these two kilns shall be reconsidered whenever market conditions warrant that,” the statement said. The company expects to record annual depreciation charges of about SAR7.6m (US$2m) relat...
Chettinad Cement Corp moves on expansion
India’s Chettinad Cement Corp has received all the required permits for its greenfield project in Andhra Pradesh and expansion in Karnataka. In Andhra Pradesh, the company is building a 3.5Mta integrated cement works at Guntur, reflecting an investment of INR11bn (US$181m). Chettinad Cement has acquired a 405ha plot for the unit. At Gulbarga, Karnataka, the company will be investing INR...
CRH to compete for Lafarge and Holcim assets
Irish building materials manufacturer CRH plc is considering making an offer to purchase the assets that might stand in the way of the merger of Lafarge and Holcim, industry sources told Reuters. It was not reported which assets that the Irish firm might be keen to purchase. Following the announcement of their giant merger and in an effort to avoid regulatory problems, Lafarge and Holcm will ...
Fiji: Holcim JV sells stake in Pacific Cement Ltd
South Pacific Cement, a joint venture between Holcim New Zealand and Fletcher Building Ltd, has sold its 47 per cent stake in Pacific Cement Ltd (PCL) to the Vinod Patel Group. PCL is a joint venture with Fijian Holdings Ltd (FHL), which holds a 51 per cent stake. The balance of shares is owned publicly. The company was the first cement manufacturer in the country with a production capacity...
Seychelles: Lafarge to open 4000t cement silo
Lafarge is developing a 4000t cement silo in the Seychelles in partnership with Sri Lankan engineering company Dynamic Technologies. The structure will be built in Sri Lanka and shipped to the Indian Ocean island. The France-based cement producer and the engineering company developed a similar facility in Mayotte earlier this year.