Cement News tagged: Corporate
BaselCement unit appeals Eurocement’s claim, Russia
BaselCement-Pikalyovo has filed an appeal against a decision by the Moscow Arbitration Court to raise a RUB111.2m for losses filed by Eurocement Group, according to local media reports. Eurocement Group was looking to increase the claimed amount in terms of non-received profits. The losses were incurred after BaselCement-Pikalyovo refused to supply nepheline slime to Eurocement group. On Apr...
Vision Holding raises stake in Pioneer Cement, Pakistan
British Virgin Islands based - Vision Holdings Middle East Limited announced on that it will acquire 60,145,081 (26.47%) ordinary shares of Pakistan-based cement producer Pioneer Cement, at an offer price of PKR6.34 per share. Earlier it had held 21.61% shares in Pioneer. An official of Pioneer Cement told CemNet that Vision will gradually acquire 80-90% shares in due course to take c...
Shriram to consolidate presence in Indian cement sector
Shriram EPC, a publicly held company of Shriram Group, recently entered the cement sector by acquiring majority stake in Sree Jayajothi Cements and, according senior officials, a blueprint is being prepared to see how they can grow in this sector, The Business Standard of India reports that as a first step, Shriram EPC which controls Sree Jayajothi Cements, is raising INR400 crore through th...
Siam City Cement upgraded, Thailand
Kasikorn Securities upgraded Siam City Cement Pcl to "outperform" from "neutral", citing a positive earnings outlook for Thailand's second-largest cement maker on rising cement demand and construction activity. "We maintain a positive outlook on the cement business and expect accelerating construction activity during the current quarter to be a key driver for top line growth across the s...
Boral’s chief executive steps down, Australia
The Board of Boral Limited today announced that the Chief Executive, Mr Mark Selway, will step down from his role effective immediately. He will remain in employment with the Company until 31 July 2012 to assist with transition arrangements. Ross Batstone, currently Divisional Managing? Director Boral Building Products, has been appointed Acting Chief Executive Officer while a global search...
Lafarge appoints new India CEO
Martin Kriegner has been appointed CEO of Lafarge India with responsibility for all of Lafarge's cement, aggregates and concrete activities in the country, as part of the company’s group-wide reorganisation programme. "I am happy to return to India as Country CEO, at a time when the construction sector is evolving quickly in the country. By combining all of our activities together, we will...
Cementos Portland Valderrivas forecasts profit upturn in 2013
Cementos Portland Valderrivas of Spain expects to swing to profit in 2013 thanks to the Plan NewVal launched this year, new chairman and CEO, Juan Bejar, said on Friday. EBITDA are seen to reach EUR 200m next year. Plan NewVal 2012-2013 is focused on costs reduction and new sources of revenue. Abstracted from an original article in Cinco Dias.
Indian cement: gradual improvements expected
Financial services firm Motilal Oswal Securities has said it is expecting a gradual improvements in the Indian cement sector which is starting to overcome recent challenging times. In a recent research note, the house stated: “We believe that the worst is over for the Indian cement industry and expect gradual improvement in operating performance. Volume recovery (~8% growth in FY13) couple...
Sumitomo Osaka to sell more in-house power, Japan
Sumitomo Osaka Cement Co plans to lift sales of power generated in-house at a Tochigi Prefecture plant using wood biomass fuel, according to reports in the Nikkei. The power generation facilities at the Tochigi plant were completed in February 2009 and went into full operation in April of that year. Current output totals 25,000kW. The group's operating profit is expected to surge 41% to ...
Lafarge appoints new US CEO
Lafarge has appointed John Stull as president and CEO, United States, putting him in charge of all aggregate, cement and concrete operations in the United States. The appointment now brings these Lafarge business lines in the United States together under a single leader, which the company said will focus its delivery on sustainable solutions to the construction industry. Stull has more t...
Brazil may approve Camargo's Cimpor stake – report
Brazil's antitrust regulator Cade may approve Camargo Correa's stake in Portuguese cement maker Cimpor Cimpor but reject the stake of rival Votorantim Cimentos, according to reports by newspaper Valor Economico. Cade has been analysing Votorantim and Camargo Correa's separate purchases of minority stakes in Cimpor since February 2010, which frustrated an acquisition attempt by Brazilian stee...
Fujian Cement to inject CNY950m into subsidiary, China
Fujian Cement Inc is to jointly invest with its second-largest shareholder, South Cement Co Ltd, a combined CNY950m (US$150m) into Fujian Cement's fully-owned cement subsidiary. Its subsidiary will mainly use the funds to invest in its cement and related businesses. After the capital injection the two investors will each hold a 50% stake in the target company, which will have a registered ca...
JP Morgan ups Holcim price target on US outlook, risks remain
JPMorgan raises Holcim's price target to CHF56.50 from CHF55.20 due to optimism on the outlook for the private building sector in the US. "Much better volumes in cement and great weather has provided some hope for the sector," says analyst Michael Morris. Still "risks remain in India, where Holcim is most exposed," he notes.
Deutsche Bank sells 86.58m shares in Shanshui
Deutsche Bank AG sold 86.58m shares, or a 3.08% stake, in China Shanshui Cement Group Ltd at HK$5.79/share and for a total of HK$502m on 10 May, according to a filing on the Hong Kong Stock Exchange. After the sale Deutsche Bank's stake in Shanshui Cement fell to 6.89%.
Lafarge environmental compliance, Bangladesh
Lafarge Surma Cement Ltd (LCS) which is extracting limestone from Meghalaya for its cement plant in Bangladesh, has said that it was adhering to and complying with top environmental norms in its mines here as adopted by the company in its operations in top European countries. "We are following top environmental norms in our operations here as adopted by the company operation elsewhere in Eu...
Cementos Argos bond offering, Colombia
Colombia's largest cement firm, Cementos Argos raised COP700bn (US$389m) through its bond offering on May 16. The offering was 2.17 times oversubscribed, the company said in a press release. The issuance was comprised of three tranches, maturing in 6, 10 and 15 years. In April, Cemargos raised 300bn pesos through a bond issuance, with 18-month, two and three-year maturities, as part of the c...