Cement News tagged: Corporate
HeidelbergCement Ukraine appoints Thiede as board chairperson
HeidelbergCement Ukraine, has appointed Silvio Thiede as chairperson of the board, the company said in a statement published by the Ukrainian News Agency. On 4 January the supervisory board of the company elected Thiede for the period of 11 January 2016-11 January 2019. Ukrainian News earlier reported that on 14 April 2015, the stockholders of HeidelbergCement Ukraine decided to close down t...
CRH exits Israeli operations
CRH confirmed it has exited the Israeli market, having sold its 25 per cent equity stake in its Israeli operations. Nesher Cement is majority-owned by Clal Industries (75 per cent) with CRH having held the remaining shares via holding company, Mashav. The boycott, divestment and sanctions (BDS) movement has been campaigning for CRH to sell its stake in Nesher Cement because its...
Changes to Arawak Cement Co's executive board, Barbados
Rupert Greene has resigned from his position as general manager of Arawak Cement Co Ltd (ACCL), effective 31 December 2015. ACCL, a wholly-owned subsidiary of the Trinidad Cement Ltd (TCL), is the only cement producer on Barbados with a 0.36Mta capacity at Checker Hall, St Lucy. Manuel Toro has been assigned to assume the position of general manager of ACCL, as of 1 January 2016. Mr Gr...
Yanbu Cement Co 4Q15 net profit up 8.3% YoY
Saudi producer Yanbu Cement Co posted 8.3 per cent YoY growth in net profit to SAR209m (US$55.6m) for the fourth quarter of 2015, up from SAR193m in the prior-year period. The cement producer attributed the profit rise in the 4Q15 to an increase in sales. Meanwhile, the full-year net profit rose 0.50 per cent to SAR806m from SAR802m a year ago.
Fitch: Shanshui's rating unaffected by plan to buy back USD bonds
Fitch Ratings says that China Shanshui Cement Group Ltd's announcement that it intends to offer to repurchase its US$500m 7.5 per cent senior notes due 2020 (2020 notes) does not affect the company's rating. This is because the company remains in default on its onshore debt, which triggered a cross-default on its offshore notes. Shanshui's Issuer Default Rating will be reviewed once Shanshu...
CRH confirms total disposal proceeds of EUR1bn for 2015
CRH plc confirmed today total disposal proceeds of approximately EUR1bn in 2015. This comprises the previously announced sale of its clay and concrete products operations in the UK and the Group’s clay business in the US (EUR0.43bn) plus several additional divestments across Europe and the Americas for total proceeds of around EUR0.53bn. During 2015 the group also completed 20 bolt-on acquis...
Credit Suisse upgrades China Resources Cement rating
Credit Suisse raised its target price for China Resources Cement (CRC) at HKD3 (US$0.39), but upgraded its rating from "neutral" to "outperform". The research house cited its sources with the Cement Association and the Standardization Administration of China confirming that the proposal for the elimination of PC32.5/PC32.5R grade cement was approved at the internal committee votes in late Dec...
Saudi Arabia: Qassim Cement Co 4Q net rises 4.6%
Qassim Cement Co recorded net earnings of SAR141m (US$37.5m) during the fourth quarter of 2015, a rise of 4.6 per cent from SAR134m in the year-ago period. Full-year net earnings increased four per cent YoY from SAR564m to SAR586m. The cement producer attributed the profit growth to higher sales volume and value, as well as low general and administrative expenses.
TCC warns on full-year net loss
TCC International Holdings Ltd said it expects to swing to a net loss for 2015 from a net profit of HKD2.05bn (US$264.5m) in the previous year. The cement producer said the expected loss was due to a 26 per cent decline in the average selling price of its cement products and a weakening Chinese yuan against the US dollar during the year. The company said it will publish its full-year results...
India: consolidation and market growth on the rise?
Corporate consolidation in the Indian cement industry has been hitting the headlines recently, with local press reporting on potential deals in the pipeline. Meanwhile, with construction activity showing greenshoots, a revival in cement demand could be ahead. Consolidation has been on the rise in India and most recently local press have reported that Jaypee Group is said to be looking to off...
Lafarge may need to divest of more Indian assets due to mining regulations
Lafarge India has submitted a revised proposal to the Competition Commission of India (CCI) to sell its entire 11Mta of assets in India, Business Standard reports, citing an investment banker familiar with the development. This decision comes after Lafarge's plan to sell its 5.15Mta cement capacity in Chhattisgarh and Jharkhand to Birla Corp has hit a hurdle due to mining regulations. Invest...
Pakistan: Attock Cement selects Hefei for new plant
Attock Cement Pakistan Ltd has awarded a contract to Hefei Cement Research and Design Institute (China) for a new 4000tpd plant in Hub, Balochistan, the cement producer said. "The management of Attock Cement has concluded an agreement for setting up new 4000tpd cement manufacturing plant with all standard parts and accessories with Hefei Cement Research and Design Institute (China)," the com...
Algeria’s GICA plans to produce 23Mt in 2019
Algerian cement producer, Groupe Industriel des ciments d’Algerie (GICA) expects to increase its cement capacity in four plants and build a further two works. This will raise capacity from the current 11.5Mta to 23Mta in 2019. Expansion projects at the works of Aïn Kebira and Chlef are forecast to be completed in September this year, increasing capacity to 1.5Mta. As a result, GICA expects ...
China Shanshui Cement regains control of Shandong Shanshui Cement
China Shanshui Cement Group Ltd said Monday it has regained control of Shandong Shanshui Cement Group Co, but three former directors of Shandong Shanshui and a group of people continue to 'illegally occupy' the unit's head office and five factories. China Shanshui did not specify why Zhang Caikui, Zhang Bin and Huang Kehua have occupied the premises of Shandong Shanshui but said they have i...
Cimpor sells a minority stake in Paraguay producer
Cimpor has sold a 16 per cent stake in Ygauazu Cementos of Paraguay for a total of EUR32m, the company announced in a statement. The sale reflects a 14x EBITDA multiple. Cimpor retains a controlling stake with a 51 per cent participation, with the remaining share capital to be held by already existing Paraguayan partner Concret Mix. The sale of the minority stake is among many of the self-h...
ARM in talks with international institutional investor
Kenyan producer ARM Cement is in ongoing talks with a strategic investor to support its expansion plan. The investment will be in the form of preference shares which may be converted into an equity stake. “ARM Cement Ltd is currently in discussion with an international institutional investor who intends to make an investment of up to US$125m (KES12.7bn) equity investment in the company thr...