Cement News tagged: Corporate
Hansen resigns as FLSmidth Group Executive VP
After 15 years as Group Executive Vice President at FLSmidth, Bjarne Moltke Hansen has decided to leave FLSmidth. Bjarne has been with FLSmidth since 1984 where he started his career holding various managerial positions in Unicon A/S over a period of 11 years. After that he held the position as CEO of Cembrit Holding A/S for five years before taking up the position as CEO of Aalborg Portland...
Holcim Argentina appoints Carlos Espina as new CEO
Mr Espina has been the LafargeHolcim’s senior vice president of research and development since 2012 and based in the group’s Research Centre in Lyon, France. Holder of a degree in Mining Engineering, Metallurgy and Materials Sciences of the University of Oviedo, Spain and an MBA of the European School of Management Development (EUDEM), he was CEO of Arcelor Méditerranée before moving to Laf...
Hume 1Q hit by lower prices, higher operating expenses
For the three months to the end of March 2017, Malaysia-based Hume Industries recorded revenue of MYR158.5m (US$36.7m), up 8.2 per cent on the recorded MYR145.5m a year earlier. Profit before tax saw a sharp decline to MYR1m from MYR15.9m in the same period of the previous year, which the company attributed to lower selling prices and higher operating expenses for the construction materials bu...
Dispute between Lafarge Cement Jordan and employees resolved
The dispute between Lafarge Cement Jordan and its employees ended on Monday evening after negotiations led by the Labour Ministry, The Jordan Times reports. The company’s employees undertook several days of work stoppage to demand better working conditions before the ministry intervened to mediate between the association representing the workers and Lafarge company management. Under the ...
Qalaa Holdings completes sale of ASEC Ciment Algérie
Qalaa Holdings announced that its subsidiaries ASEC Cement and ASEC Cement Djelfa Offshore have completed the sale of 100 per cent of ASEC Ciment Algérie (ACA) to an Algerian investor at a deal value equivalent to US$60m. The sellers are currently complying with government requirements to repatriate the proceeds from Algeria. Qalaa held an effective (indirect) 37 per cent ownership stake in...
China Tianrui Group Cement appoints executive director
China Tianrui Group Cement Co Ltd announced that Ding Jifeng has been appointed as an executive director of the company, effective 15 May 2017.
Lafarge Africa to seek shareholders approval
Lafarge Africa is to seek shareholders’ approval for a NGN140bn (US$443m) rights issue during its 58th Annual General Meeting to be held on 7 June 2017, the company has informed the Nigerian Stock Exchange. Also on the AGM agenda is a proposal to shareholders to approve the merger of subsidiary Unicem into Lafarge Africa. The proposals, according to the company, will strengthen its balanc...
Semen Indonesia plans to raise IDR3tn from bond sale
Semen Indonesia has announced a plan to raise IDR3trn (US$225.6m) from a bond sale to refinance debt of its subsidiary PT Semen Tonasa and increase working capital, according to local press reports. The bond, with a five-year tenure and eight per cent to 8.8 per cent annual coupon rate, is the first tranche of its planned bond issuance under the shelf registered scheme totalling IDR8trn in...
Cementarnica Usje quarterly profit down 35%
Macedonia's sole cement producer, Cementarnica Usje, said its net profit fell 35 per cent YoY to MKD110.8m (US$1.97m) in the first quarter of 2017. The company's operating revenue declined six per cent to MKD747.5m, whereas operating costs decreased four per cent to MKD562.9m. Cementarnica Usje AD Skopje, owned by Greece-based Titan Cement Co SA via its subsidiary Titan Cement Netherlands ...
Raysut receives offer for its share in Oman Portuguese Cement Products
Raysut Cement has received an offer for its share in Oman Portuguese Cement Products from a local company, the producer disclosed in a filing to the Muscat Securities Market on Monday. As part of a diversification strategy, in 2001 Raysut moved into ready-mix concrete and other cement products through its 50 per cent ownership in Oman Portuguese Cement. "We would like to inform our shareho...
China Resources Cement expects significant increase in 1H attributable profit
China Resources Cement said it expects he Group's profit attributable to the owners for the six months ended 30 June 2017 to significantly increase as compared with that of the corresponding period in 2016. The expected growth was primarily attributable to the higher selling prices of cement products during the period, ET Net News Agency reports. The average selling price of the group's ce...
RAK Cement Co 1Q profit down 70%
Ras Al Khaimah Cement Co reported a decline in profits by 69.8 per cent YoY during the first quarter of 2017, according to a bourse filing. Profits reached AED1.38m (US$38,110) in 1Q17, compared to AED4.57m (US$1.25m) in 1Q16. Revenues declined by 22.7 per cent YoY to AED51.64m in 1Q17, while sales, general and administrative expenses grew 7.7 per cent YoY to reach AED5.49m. Financing ...
Paolo Zugaro appointed general manager of Cementir Holding
The Board of Directors of Cementir Holding SpA on 11 May 2017 appointed Paolo Zugaro as General Manager of the company. Effective 1 May, Mr Zugaro is also Chief Operating Officer for the entire group. Paolo Zugaro named GM of Cementir Holding With a degree in electrical engineering from Tor Vergata University, Rome, Mr Zugaro (52) has occupied a variety of managerial positions ...
Graymont completes sale of New York Materials business to Upstone
Graymont, supplier of lime and limestone products, has completed the transaction to sell its New York Materials business to Upstone Materials Inc. The New York Materials business is focussed on providing construction stone, sand and gravel, asphalt products and ready-mix concrete to meet infrastructure and general construction needs in the region Graymont serves major markets throughout t...
Saudi Cement net profit down 37%
Saudi Cement has registered a 37 per cent drop in its net profit for the first quarter of SAR165m (US$44m) versus SAR265m (US$70.5m) attributed to lower volumes and selling prices amid slugglish demand. Despite weaker volumes, helped by locational advantage, the company's average realised price marginally declined by three per cent YoY and was down two per cent QoQ, as compared to deep disco...
Buzzi Unicem first quarter volumes ahead
Buzzi Unicem's first-quarter turnover improved by 8.9 per cent to EUR588.5m. Net debt at the end of March was 4.1 per cent higher at EUR979.9m, while capital expenditure was reduced by 29 per cent to EUR49.2m. Cement deliveries increased by 4.5 per cent to 5.2Mt, while group ready-mixed concrete deliveries were ahead by 9.1 per cent to 2.6Mm³. The Italian turnover advanced by 12.7 per cent ...