Cement News tagged: Corporate
Semen Indonesia targets Bangladesh acquisition
Semen Indonesia is looking to acquire a cement plant in Bangladesh to strengthen its position in the Asian market. President director, Dwi Soetjipto, told local press that it hopes to complete the purchase later this year or early in 2015. The factory in question is reported to have a capacity of 06.-1Mta. It is also planning to strengthen its regional grip by acquiring a cement company in ...
Fitch: ratings unchanged for Votorantim
According to Fitch Ratings, the recent decision by Brazil's antitrust agency, CADE, to stiffen the penalties against Brazilian cement companies allegedly engaged in price collusion presents a significant challenge to Votorantim Cimentos (VCSA), but it will not result in a negative action to its 'BBB' rating. VCSA's Rating Outlook was affirmed by Fitch at Negative on April 8, 2014. This rati...
Saudi Cement recommends dividend
Saudi Cement Co’s board of directors has recommended paying a dividend of SAR3.5 per share for first six months of 2014, the firm said in a bourse filing on Sunday. Shareholders owning the company’s stock at the end of trading on 1 July will qualify for the dividend, which will be paid on 9 July the statement said.? Saudi Cement reported a 16 per cent drop in first quarter 2014 profit which...
Brazil’s CADE fines six cement companies US$1.4bn for price-fixing
Brazil’s antimonopoly authority CAD has fined six cement companies a total fine of BRL3.1bn (US$1.4bn) for fixing market prices. Votorantim Cimentos SA , Camargo Correa-owned Intercement Brasil, ITAB Agro Industrial SA and Cia Cements Itambé SA, Holcim and Cimpor agreed to fix prices to eliminate market competitors, said CADE in a10-hour hearing. Votorantim has been ordered to pay BRL1.5bn...
Eurocement and Sberbank sign agreement
Eurocement Group and Sberbank of Russia have signed a cooperation agreement to secure funding for the construction of new plants in Russia. The agreement was signed by Filaret Galchev, Eurocement’s chairman of the board of directors, and Herman Gref, CEO and chairman of Sberbank during the XVIII St Petersburg International Economic Forum. The investment will allow Eurocement to increase its...
Lafarge sells Ecuador operations
Lafarge announced the sale of its cement operations in Ecuador for an enterprise value of US$553m to Union Andina de Cementos SAA (UNACEM). Lafarge Cementos SA operates an integrated cement plant of 1.4Mt of capacity, located in Otavalo, in the North of the country. This divestment will contribute to Lafarge's objective to reduce net debt below EUR9bn in 2014, the group said. Ecuador was ...
FLSmidth Ventomatic consolidates its presence in the minerals and chemical industries
FLSmidth Ventomatic SpA (Ventomatic) has strengthened its position in the minerals and chemical industries through the consolidation of partnerships with two Italian companies, Imeco® and Italmeccanica, both with long-standing experience in the packaging of powdery and granulated products. Ventomatic said in a statement that thanks to these two strong business partnerships, it is now in the...
New Supervisory Board of KHD elected
At yesterday's Annual General Meeting the shareholders of KHD Humboldt Wedag International AG (KHD) passed a resolution to reduce the number of Supervisory Board members to three persons and has re-elected Ms Eliza Suk Ching Yuen and Mr Hubert Keusch as members of the Supervisory Board. Mr Kangning Zou has been newly-elected as a member of the Supervisory Board. In the constitutive supervis...
India Cements to merge with subsidiary
India Cements is planning to merge with its subsidiary Trinetra Cement to consolidate its operations. N Srinivasan, vice chairman and managing director of India Cements, said the merger will bring the operations under one company. "We will get the benefit of profitability of Trinetra and improve the performance of India Cements," he said. Post-merger the total capacity of India Cements would...
China: Northern Cement to issue CNY1bn bills
Northern Cement Co announced Tuesday that it would issue CNY1bn (US$160m) worth of 365-day bills on 4 June 2014. The money raised will be used to repay bank loans and replenish operating capital.
PT Holcim Indonesia seeks US$175m loan
PT Holcim Indonesia is seeking US$175m syndicated loan this year to pay debt and finance working capital, according to finance director Kent Carson. The company's debt maturing in November this year amounts to IDR1.15trn (US$99m), Carson added.
JK Lakshmi ends FY13-14 on a strong note
JK Lakshmi cement reported a 59 per cent increase in net profit for the final quarter of FY13-14 and anticipates a brighter outlook for the domestic market through the year. The Indian-based producer said net profit for the three months to the end of March 2014 rose to INR52.91 crore compared to INR33.34 crore in the same quarter of the previous year. "The net profit has gone up by 59 p...
Higher sales boost Lafarge Malaysia 1Q14
Lafarge Malaysia’s revenue for the 1Q14 was 4.9 per cent higher YoY to MYR676.6m (210.7m), mainly due to higher cement and aggregate sales volumes. Revenue growth was partially offset by lower sales in the aggregate and concrete division attributed to the completion of the KLIA 2 project, the group said in a statement. The group registered net profit of MYR97.2m for the quarter, a 32.4 pe...
Reliance acquires control of West Bengal grinding unit
Reliance Cement has taken indirect control of a small grinding unit in West Bengal for an undisclosed price. The 0.5Mta facility is located at Durgapur, 180km from Kolkata. Reliance Cement, part of Anil Ambani’s Reliance’s Group, proposes to raise capacity of the Ma Chandi Durga Cement unit to 1Mta. For now, it is to be used as a contract manufacturing facility run by its founders, the Ked...
Arabian Cement Co first-quarter update
Arabian Cement Company (ACC) posted a EGP116.4m (US$16.3m) net profit for the first quarter of 2014. ACC was the first major listing on Cairo's bourse since the 2011 political uprising, raising US$110m.
GCC’s Pueblo plant starts TDF usage
GCC’s Pueblo plant in Colorado has begun utilising tyre-derived fuel (TDF) in its manufacturing process. The plant team is targeting an eventual fuel replacement of 50 per cent of calciner fuel, which equates to 30 per cent of total fuel. The company expects to replace 40,000tpa of coal. GCC plans to further investigate available fuels and raw materials to further its sustainability progra...