Cement News tagged: Corporate
Defending profitability key for European companies
Fitch Ratings says that the ability to defend profitability in emerging countries is the most critical issue for the rating of the European cement companies rated by the agency, Holcim Ltd. ('BBB'/Stable), Lafarge SA ('BB+'/Stable) and HeidelbergCement AG ('BB+'/Stable). In its special report, Fitch compared the current financials of the major European cement companies to the pre-crisis situa...
Semen Baturaja plans IPO in November, Indonesia
State-owned Semen Baturaja plans to float shares on the Indonesian Stock Exchange in November, according to president director Pamudji Rahardjo. Speaking to the Jakarta Globe, Mr Rahardjo said: “Our target for the initial public offering (IPO) date is October, so the shares can be listed in November.” He reiterated that the company’s target is to raise IDR1.2trn (US$128m) from the IPO. “...
Gansu Qilianshan Cement issues profit warning
Gansu Qilianshan Cement Group expected its first-half net profit to fall at least 50 per cent YoY and follows warnings from other industry peers. According to reports in China Knowledge, the company said in a statement filed with the Shanghai Stock Exchange that the sharp decrease in net profit was due to a significant YoY decline in cement price amid weak demand. Anhui Conch has also is...
New order for Fritz & Macziol Asia from Holcim, Philippines
Fritz & Macziol Asia, Inc in Manila was recently awarded with the implementation of Fritz & Macziol’s dispatch and logistics solution VAS® in all four Holcim cement plants and in one terminal in the Philippines. “With automated truck weighing process, we will be able to spend more time in value-adding processes and spend more time with our customers and business partners,” said Holcim Phili...
Fitch migrates Binani Cement to non-monitored, India
Fitch Ratings has migrated India-based Binani Cement Limited's (BCL) National Long-Term 'Fitch A(ind)' rating with a Negative Outlook to the non-monitored category. This rating will now appear as 'Fitch A(ind)nm' on the agency's website. The ratings have been migrated to the non-monitored category due to lack of adequate information, and Fitch will no longer provide ratings or analytical cove...
Cemex expects to launch debt exchange offer next week
Cemex expects to launch a debt exchange offer next week, a top company official told Reuters on Friday. The offer is part of a new refinancing deal it proposed to creditors in New York on Friday. A second presentation to its lenders in Madrid will take place today. Maher Al-Haffar, Cemex's vice president of corporate communications and investor relations, said the debt refinancing could ...
CNBM to inject capital into North Cement, China
China National Building Material (CNBM) said it has entered into a capital contribution agreement with Jingang Group and Shanghai Zhentong with a view to contributing capital to North Cement, according to local press reports. CNBM will contribute about CNY2.81bn into capital of North Cement, with its interest in North Cement increasing to 70% from 55%. Jingang Group will contribute CNY437.5m,...
Fitch cuts Camargo Correa credit rating on Cimpor buy
Fitch Ratings has cut Camargo Correa’s credit rating by two notches on concern the increase of its stake in cement company Cimpor has raised the indebtedness of the company too much. Camargo Correa took over Cimpor earlier this month for EUR1.5bn, and the Brazilian company took on BRL4.24bn (US$2.03bn) of debt to finance the purchase, Fitch wrote. "Camargo's capital structure was already ...
Qilianshan Cement's net profit to drop by 50% in 1H
Gansu Qilianshan Cement Group Co Ltd, a Shanghai-listed cement producer, forecasted on June 27th that its net profit will decrease at least 50% on-year in the first half of 2012.
Cimpor asset swap to lift Votorantim capacity by 15Mta
Votorantim Cimentos and InterCement (part of the Camargo Corrêa Group) have signed an agreement to undertake a corporate reorganisation of Cimpor. The procedure will give Votorantim control over the Portuguese cement company's assets in seven countries and result in the full separation of Votorantim and InterCement as Cimpor shareholders. After securing approval in all legal steps foreseen ...
KKR eyes stake in Sree Jayajothi Cements, India
Private equity firms Blackstone Group and Kohlberg Kravis Roberts & Co (KKR) are discussing a large stake buy in the cement unit of the Shiram Group, the Times of India reports. Shriram EPC, which took controlling stake in Andhra Pradesh-based Sree Jayajothi Cements, plans to raise more than INR400 crore to boost operations. KKR already holds a stake in another Indian producer, Dalmia Cem...
Strabag announces new CEO
Contractor Strabag has announced that Thomas Britel will become CEO in 2014 as part of the group’s restructuring of its management board and organisation. Hans Peter Haselsteiner is resigning as CEO, with current management board member Mr Birtel his appointed successor due to take the helm in June 2014. Deputy CEO Fritz Oberlerchner will also resign from the management board effective 3...
Boral lowers expectations, Australia
Boral has announced that it expects net profits for the year ending June 2012, to be in the region of AUD100m-110m, assuming that two property disposals are still completed this month, as anticipated. This compares with a previous guidance of AUD128m to AUD153m, made in April. While the performance in Asia and in the USA have been largely in line with expectations, the Australian performan...
Lafarge to cut a further 97 jobs in France
Lafarge expects to cut a further 97 jobs in its domestic market of France as part of a plant to merge its three French divisions into one, to be headquartered in the Paris region. Lafarge, which employs a total of 68,000 people including 5300 in France, said in February it would cut 460 jobs worldwide, including 90 in France as part of a its corporate restructuring announced in November 201...
IFC invests in Titan's operations in Western Balkans
Titan Cement announced the completion of a EUR50m equity investment by the International Finance Corporation (IFC) in Titan’s subsidiaries in the Western Balkans region including Macedonia, Serbia and Kosovo. The transaction results in IFC holding, through Titan Cement Cyprus, a minority stake of approximately 11.5 per cent in Titan’s operations in the aforementioned countries. The Greec...
S&P lowers Cimpor to 'BB'
On June 26, 2012, Standard & Poor's Ratings Services lowered its long-term corporate credit rating on Cimpor to 'BB' from 'BBB-' and its short-term rating to 'B' from 'A-3'. The ratings remain on CreditWatch negative, where they were placed on April 3, 2012. The downgrade follows the announcement and settlement of Brazilian holding company Camargo Correa’s SA (CCSA’s) successful takeover of ...