Cement News tagged: Corporate
Jaiprakash reportedly receives four bids for cement business
Jaypee group-promoted Jaiprakash Associates has received four bids for the 20Mta of cement capacity that it has put up for sale to reduce its debt burden. A report in the Business Standard of India said the bidders include global private equity firm KKR, and domestic players UltraTech and Dalmia Bharat Cement. Units reported to be up for sale included the 2.2Mta Bhilai cement plant joint v...
PPC reports 3% decline in first-quarter sales
South African cement producer PPC reported a three per cent sales decline in its trading update for the October-December 2015 quarter, citing weak demand and tough competition. Cement sales in the South African business were down by 1.6 per cent while the international businesses recorded an eight per cent drop including low margin cement exports to other African countries, the company said ...
Addoha reportedly to sell 30% African stake to HeidelbergCement
It has been reported that the Moroccan Addoha Group will sell 30 per cent of its African assets to HeidelbergCement, according to local news sources. The value of the transaction is estimated at around MAD2bn (US$202m). When contacted, HeidelbergCement declined to comment. Following the construction of two cement plants in its home market of Morocco (Ben Ahmed and Beni Mellal), the Addoha G...
Eagle Materials President and CEO to retire
Eagle Materials announced yesterday that the company's President and CEO, Steve Rowley (62) has decided to retire as an officer and director of the company effective the end of this fiscal year, 31 March 2016. Mr Rowley has provided 25 years of continuous service to the company and its stockholders. Dave Powers, executive vice president for Gypsum Wallboard at Eagle since 2005, will succeed S...
Russian Sberbank gets 6% of LH from Eurocement in repurchase deal
Sberbank CIB, the investment banking arm of Russian lender Sberbank, announced on Friday it now holds six per cent of LafargeHolcim following a repurchase deal with Russian Eurocement Holding. Under the terms of the agreement, the investment arm had organised financing for Eurocement Holding AG in return for 37m shares in LafargeHolcim. Eurocement has the right to buy back the shares at a sp...
China Shanshui Cement defaults on CNY1.8bn bond
China Shanshui has defaulted on a CNY1.8bn three-year bond carrying an annual interest rate of 5.4 per cent that matured on Thursday, the South China Morning Post reports. The development has pushed China Shanshui, closer to bankruptcy, as its earlier debt default triggered multiple lawsuits from creditors that have already seen some of its assets frozen or put into impending auctioning. "Th...
New senior vice president announced to lead Tarmac business
Martin Riley, former managing director of Tarmac’s Aggregates & Asphalt business, has been appointed senior vice president of Tarmac. Cyrille Ragoucy has left the business after three successful years as CEO. As part of this reorganisation, the Tarmac Cement & Lime business will work as part of a new CRH business cluster consisting of UK Cement, Ireland and Spain, led by Oliver Mahon, Senior ...
LafargeHolcim planning potential disposal in South Korea
Glenwood Private Equity is in talks to buy South Korea-based Lafarge Halla Cement in cooperation with Eugene Group, the country’s largest ready-mixed concrete manufacturer, and Sungshin Cement, another Korean cement maker. According to sources on Wednesday, LafargeHolcim Ltd, the majority shareholder of Lafarge Halla Cement, recently named Glenwood Private Equity as a preferred bidder for th...
Cemex sets Dominican production record
Cemex has achieved a production of 2.2Mt of cement in its San Pedro de Macorís plant in the Dominican Republic. The figure is significantly above the rolling average of 1.8Mt of the past five years. "We have continued to strengthen our operations in Dominican Republic, enabling us to take advantage of the significant growth in the level of construction activity. Having achieved this new pro...
Saudi: Umm Al-Qura Cement Co net loss narrows
Umm Al-Qura Cement Co saw its full-year net loss narrow in 2015 to SAR24.07m compared to a net loss of SAR28m a year earlier. Operating losses were also down to SAR21.96m, compared to SAR27.12m in 2014. However, the Riyadh-based company reported net loss for 4Q15 of SAR10m, versus a net loss of SAR3.72m in the same period a year earlier.
Tunisia: Ciments de Bizerte sees 1.78% turnover rise in 2015
Tunisia’s Les Ciments de Bizerte posted a turnover of TND57.177bn (US$27.9bn) in 2015, up 1.78 per cent YoY. Domestic turnover saw a rise of 14.83 per cent to TND56.9m while exports have slumped by 96.3 per cent. The export low has been attributed to the instability of the Algerian market and the near-absence of Libyan demand. The company’s indebtedness has increased by 32.9 per cent to...
QNCC full-year profit up 10%
Qatar National Cement Company (QNCC) reported a 10.28 per cent rise in net profit to QAR463.5m (US$127.3m) for the 12 months to the end of December 2015 compared to QAR420.3m in the same period in 2014. Earnings per share grew to QAR 8.58 in 2015 compared to QAR7.78 a year earlier, according to a Qatar Stock Exchange bulletin. QNCC Board of Directors have recommended distribution of 40 per ce...
Hanson UK appoints new CEO
Daniel Cooper has been appointed chief executive officer of Hanson UK, replacing Patrick O’Shea, who stepped down at Christmas after eight years at the head of the construction materials business. Daniel was previously northern regional general manager for Hanson Australia. He graduated from Murdoch University in Perth with a double major in commerce and economics and joined Pioneer Concrete ...
Bolivia: Oruro plant online in 2017
Work on the new Oruro cement works in Caracollo, owned by Empresa Pública Productiva Cementos de Bolivia (Ecebol), is steadily progressing. Following an inspection of the construction of the Oruro cement works in Caracollo, engineering works have advanced by 17 per cent and the overall project has been completed by around a quarter. Therefore, the commissioning of the plant is expected in 2...
UltraTech 3Q revenues rise 5%
Indian cement major UltraTech Cement reported five per cent revenue growth for the 3QFY15-16, driven by seven per cent volume growth while the cement pricing environment remained subdued. During the September-December 2015 period, consolidated net sales increased to INR61.08bn (US$898m) versus INR58.32bn in the corresponding period of the previous year. EBIT stood at INR12.45bn, up by 18 p...
Holcim Indonesia completes acquisition of Lafarge Cement Indonesia
Holcim Indonesia Tbk has acquired Lafarge Cement Indonesia, following the merger of the two parent companies. The company has signed a conditional purchase agreement with respect to the purchase of all the shares owned by Financière Lafarge SA of Lafarge Cement Indonesia on 29 December 2015. Closing of the transaction is dependent on the fulfillment of several conditions, including ap...