Cement News tagged: Corporate
Lafarge looking to sell South Korean unit
Lafarge is seeking to sell its majority stake in South Korean unit Lafarge Halla Cement for KRW700bn (US$650m) and is currently searching for buyers, according to a report by Reuters citing South Korean online media Edaily. The company is said to have chosen US-based Lazard and HSBC’s South Korean unit as managers for the sale. Lafarge operates one integrated cement works and two grindin...
Union meets workers over Boral job cuts, Austraila
The Australian Workers Union (AWU) is meeting today with workers who are expected to lose their jobs at Boral's Waurn Ponds cement plant in Victoria, Australia, according to reports by ABC News. Around 90 jobs are likely to be axed, after a restructure of the company's operations. Union spokesman Cesar Melhem says the workers are devastated, adding that the decision will have a flow-on affect...
Nomura raises target price on Indocement
Normura Equity Research has raised its target price on Indonesia’s second largest cement producer PT Indocement Tunngal Prakarsa (INTP) from IDR23,400 to IDR26,900 (US$2.43 to US$2.79). T he research house has maintained its ‘buy’ recommendation on higher production volume and improved enterprise value/EBITDA. "Despite recent outperformance of the cement sector and INTP's share price, we ...
Indonesia: Bosowa Group to extend ties with QNB
Indonesia's Bosowa Group, plans to boost cooperation with Qatar National Bank by inviting the Qatari commercial lender to establish several joint ventures in non-banking financial institutions, reports the Jakarta Globe. Bosowa, which runs businesses ranging from taxi operations to power-plant construction and cement production, and QNB are investing partners in a locally incorporated bank, B...
China Resources Cement secures HK$1bn credit facility
China Resources Cement Holdings Ltd, the largest cement producer in South China, said that it has secured a three-year credit facility worth up to HK$1bn from a bank.
Mozambique is Cimpor’s star performer
For the first nine months of 2012, Cimpor’s cement and clinker shipments were 9.4 per cent lower at 18.82Mt, as volumes dropped by just over one -third both in Spain and China while Mozambique proved to be the company's star performer. The assets to be retained by Cimpor as a result of the agreement between the major shareholders for splitting the Cimpor assets, were actually 0.7 per cent hig...
FLSmidth CEO to retire in 2013, Denmark
Jørgen Huno Rasmussen, age 60, Group CEO of FLSmidth & Co A/S since 2003, is to retire in mid-2013, 10 years after agreeing to join FLSmidth as Group CEO. Following news of Mr Rasmussen's impending departure, Vagn Ove Sørense, chairman of the board of FLSmidth, said: "On behalf of the board, I wish to express my sincere gratitude to Jørgen Huno Rasmussen for his decisive contribution to the ...
Dalmia Cement buys additional stake in Calcom
Dalmia Bharat Enterprises has informed the Bombay Stock Exchange that its subsidiary, Dalmia Cement (Bharat) has approved acquisition of additional 26 per cent stake in Calcom Cement for a consideration of INR77.16 crore. A share purchase agreement to this effect was signed on Friday. This consideration will be paid in multiple tranches and will be subject to the adjustments and other terms a...
Adelaide Brighton acquires 30% in Malaysian white cement producer
Adelaide Brighton Limited has entered into an agreement to acquire 30 per cent of white cement producer Aalborg Portland Malaysia Sdn Bhd (APM). The acquisition price for the 30 per cent equity stake in APM is US$29.7m including US$2.3m for 30 per cent of the net cash on hand, plus transaction costs of about US$0.4m. Completion is expected on 5 December 2012. APM's facility is situated in...
UltraTech Cement eyes Jaypee's Gujarat operations
India's largest cement producer UltraTech Cement is understood to be in talks with Jaypee Group for the latter's business in Ahmedabad, Gujarat. Local press have reported that the deal is valued at around US$700-890m and is likely to close by year-end. Jaypee's Gujarat operations have a capacity of 4.8Mta. The company also has cement assets in Andhra Pradesh. The proceeds received by Jay...
Steppe Cement's share offer oversubscribed
Kazakhstan-based cement producer Steppe Cement has announced that last month's offer for qualifying shareholders of 40m new shares in at 25p per share has been oversubscribed. Around 83 per cent of existing shareholders participated in the offer which resulted in an oversubscription of 34 per cent. The directors will scale back applications in accordance with the basis of allocation. The...
Cemex leads the charge on US pricing
Cemex is planning two incremental cement price increases in January and April 2013 in a bid to reverse the "chronic under-pricing of cement in the US", says Karl Watson, president Cemex USA. Speaking at a presentation in Mexico on Tuesday this week, Watson said that the price increases of US$8/t each are integral to the company's goal of achieving an EBITDA of over US$1bn by 2016. "Prices, ...
Gresik eyes tie-up with Semen Baturaja, Indonesia
Semen Gresik CEO Dwi Soetjipto has expressed an interest in synergising with another state-owned cement producer, Semen Baturaja, according to local press reports. "We see that such a synergy can improve Semen Gresik's position and Baturaja's inclusion can give added value," said Dwi at a press conference during the Investor Summit, earlier this week. The acquisition was planned after Semen ...
Bamburi Cement appoints director, Kenya
Bamburi Cement has appointed John Simba as a director. The effective date is November 29, 2012.
PT Semen Baturaja IPO set for Feb 2013, Indonesia
Indonesian state-owned producer PT Semen Baturaja expects to list its shares on the Indonesia Stock Exchange in February 2013. Semen Baturaja has been ready to release a maximum of 2 billion shares, or equivalent to 35% of paid up capital, with a targeted Initial Public Offering (IPO) proceeds of IDR1trn. The company had appointed three underwriters for its IPO, namely PT Bahana Securities, P...
CRH looks for new Nesher Cement CEO
CRH is reviewing the candidacy of Moshe Kaplinsky for the position of CEO of Nesher Cement Enterprises following the departure of Joel Feldschuh announced earlier this week. Mr Kaplinsky is the former CEO of Better Place Israel. Mr Feldschuh announced on Monday that he will leave the company at the end of the year. His departure follows the sale in July of its controlling shareholder, Clal ...