Cement News tagged: Corporate
Agencies withdraw ratings for Apasco’s bonds, Mexico
Fitch Ratings and Standard & Poor's have withdrawn their AAA ratings for the MXP950m (US$74.5m) receivables-backed bonds issued by cement manufacturers Cementos Apasco and Concretos Apasco following repayment in full of the issuance, according to reports from the ratings agencies. The companies, subsidiaries of Holcim Apasco, repaid the issuance on 17 December, prior to the November 28, 2013 ...
HeidelbergCement rises on upgrade for debt - report
HeidelbergCement AG jumped the most in more than four months after MainFirst Bank AG analysts predicted the company will regain an investment-grade credit rating next year, according to a report by Bloomberg. HeidelbergCement rose as much as 5.5 per cent to 46.48 euros, the steepest intraday gain since 3 August and the biggest move today on Germany’s benchmark DAX Index. The stock, which was ...
Raysut CEO withdraws resignation, Oman
Mohammed Ahmed Al Dheeb has agreed to withdraw his resignation and continue working for Raysut Cement Company as the Group CEO. The board of directors had unanimously agreed to ask Mr Ahmed Al Dheeb to remain at the helm of the Oman-based cement producer.
Holcim Belgique to close Haccourt facility
Holcim Belgique announced it will close its Haccourt cement grinding plant, near Liège, Belgium. The unit currently employs 43 people. This project is part of a reorganisation of Holcim’s European industrial base announced earlier this week. The group said in a statement that the shutdown was due to a “deterioration of market conditions and grinding overcapacity at Holcim Belgique.” "Hol...
Titan successfully concludes issuance of new EUR200m notes
Greece-based cement producer Titan has successfully concluded the issuance of new €200m guaranteed notes, due in January 2017. Demand from international and domestic institutional and private investors ensured that the €100m minimum issue, as executed through the exchange of existing and issuance of new notes via the Luxembourg Stock Exchange, was oversubscribed 2.9 times. The new notes bea...
Malvern Instruments opens new applications laboratory in São Paulo, Brazil
Malvern Instruments has opened a new applications and demonstration laboratory in Brazil. Located at the São Paulo facility of Malvern’s parent company Spectris, the new laboratory will provide pre- and post-sales support to customers across all of Malvern’s technology areas, and will augment established particle characterisation demonstration labs elsewhere in Brazil. The new laboratory w...
Cemex completes financial plan for 2012
Cemex announced today the completion of its financial plan for 2012, which included several transactions to refinance and/or prepay debt scheduled to mature through 2014, thereby increasing the company’s financial flexibility and significantly reducing its refinancing risk. Under this year’s financial plan, Cemex reduced the amount of debt maturing through March 2015 to about US$650m, at cur...
India cement sector to see recovery in FY13-14
India's cement industry is expected to see a sharp recovery in cement prices in FY13-14 with an improving supply and demand scenario, as well as government measures to fast-track infrastructure projects. Reuters reports that Deutsche Bank believes cement companies such as UltraTech Cement and Shree Cement that have potential to increase capacity and have a bigger presence in western and nor...
Holcim to restructure operations in Europe
Holcim has said it will introduce a leaner management structure in Europe to reflect the lower level of construction activity, and expects to save at least CHF120m (EUR97mm) a year. The additional cash costs for restructuring in the fourth quarter of 2012 will amount to approximately CHF100m (EUR80.8m) including site restoration costs. Write-offs of property, plant and equipment will reac...
Taiheiyo's China subsidiary announces new joint venture
Japan's leading cement producer Taiheiyo Cement Corp announced that its Chinese sub sidiary Taiheiyo Cement (China) Investment Corp, has signed a joint venture agreement with Xinjian Tianye (Group) Co in Beijing. Both companies agreed to establish the new venture named Xinjiang Tianye Taihieyo Building Material Co (TTBM) in Xingjiang Uygur Autonomous Prefecture in northwest China. TTBM will p...
Fitch affirms Central Asia Cement rating revises Outlook upward, Kazakhstan
Fitch Ratings has affirmed Central Asia Cement's (CAC) National Long-Term Rating at 'BB-(kaz)' and revised the joint stock company's Outlook to Positive from Stable. The agency has also affirmed CAC's senior unsecured KZT1.5bn bond rating at 'B(kaz)'. "The completion of Steppe Cement's capital increae reinforces CAC's financial structure and should allow financing of the investment in the ...
Hail Cement signs loan agreement, Saudi Arabia
Saudi Arabian cement company Hail Cement announced that it has signed a loan agreement with the Saudi Industrial Development Fund on 12 December 2012. The loan amount is SAR300m (US$80m) repayable in 20 half-yearly unequal installments as scheduled and approved against mortgage of all fixed assets. The period of the loan is 12 years, with payment starting 2015. The company is using the l...
Eurocement Group to invest over EUR1.5bn in expansion
Russia's leading cement producer Eurocement Group is to invest over EUR1.5bn in five expansion projects of its production facilities until 2015. Among them, the plant in Voronezh Province, with a capacity of 2.4Mt, is to be put into operation by the end of 2012. Another project involves the installation of new production facility with the capacity of 1.3Mt in the Nevyansky Tsementnik plant in ...
BoA-Merrill upgrades India's cement stocks to 'buy'
Bank of America-Merrill Lynch upgrades its rating across cement stocks to 'buy' from 'neutral' or 'underperform', saying capacity will lag demand, while valuations are below previous up cycles. The investment adds general elections in the next 18 months bode well for the Indian cement sector given the demand-GDP multiplier expanded in four out of the five previous election years. Among t...
PPC buys majority stake in Rwanda cement producer
South Africa’s leading cement producer Pretoria Portland Cement (PPC) has acquired a 51 per cent equity stake in Rwanda-based cement producer Cimerwa Ltd. The deal is worth a total cash consideration of US$69.4m. Cimerwa is situated in southwestern Rwanda and is the African country’s sole cement producer. It has a current capacity of 100,000tpa and is constructing a 600,000tpa expansion tha...
Put option exercised on Cemex's Colombia IPO
Cemex's Latin American subsidiary Cemex Latam Holdings (CLH) will buy back the overallotment portion of its 15 November IPO. The subsidiary will buy the 22.2 million shares included in a put option at US$6.75 each and hold those shares in treasury, Cemex said in a statement. The purchase amounts to around US$150m. Cemex Latam raised about US$1.15bn from last month's share offering via th...