Cement News tagged: Corporate
Sagar Cements wins bid to acquire Andhra Cements
Sagar Cements Ltd has been named as the successful bidder to acquire Andhra Cements Ltd. The Committee of Creditors at Andhra Cements voted with a majority in favour of the resolution plan filed by Sagar Cements Ltd, said Andhra Cements in a regulatory filing. Andhra Cements operates two cement plants – the 1Mta Durga Cement Works in Dachepalli and the 0.6Mta Visaka Cement Works in Vishak...
China Shanshui Cement issues profit warning for 2022
China Shanshui Cement has issued a profit warning, saying that it expects to report a fall in profit of at least 70 per cent in 2022. According to the company, attributable profit for the year is forecast to have contracted by at least 70 per cent, compared to the CNY2.78bn (US$410.8m) recorded in 2021.
VDZ’s new appointments
To meet the growing tasks of CO 2 separation and digital process support, a new climate-neutral process technology department has been established at the German cement association, VDZ. Kristina Fleeter, a long-standing expert in CCUS technologies and process simulation will lead the new department. In his function as Managing Director of VDZ Technology GmbH, Volker Hoenig will continue to...
Livetouch Investments to build its second Zimbabwe cement plant
Livetouch Investments is building a second cement plant in Zvishavane, Midlands, Zimbabwe, to the tune of US$20m under the first phase of the project. The first phase of the cement plant will produce 200,000tpa upon completion between June-July 2024. Livetouch Investments, whose first cement factory is situated in Redcliff, Midlands, is presently producing 200,000tpa against an installe...
Heidelberg Materials places first sustainability-linked bond
Heidelberg Materials successfully placed its first sustainability-linked bond (ISIN XS2577874782) with an issue volume of EUR750m and a term until 2032 via HeidelbergCement AG as part of the EUR10bn European Medium Term Note (EMTN) programme. The company had already announced the issue of a bond linked to sustainability criteria at its Capital Markets Day 2022. Interest on the bond is lin...
Itacamba appoints new general manager
Votorantim Cimentos -owned Itacamba Cemento SA has appointed Marcelo Morales as its new general manager with effect from 1 January 2023. Mr Morales previously served for seven years as administration and finance manager at Itacamba. A Brazilian national with a Master’s of Business Administration degree, he has worked for more than 15 years in the cement industry.
Holcim Philippines embrace drones and digitalisation for maintenance
Holcim Philippines has started to harness advanced technology as part of its regular maintenance programme in plants and manufacturing sites. Drones inspect the La Union facility in Bacnotan, allowing the operator to take notes of maintenance actions to be taken. Using drones for regular and periodic maintenance has eliminated health and safety risks from having people conduct visual inspe...
China Resources Cement issues profit warning for 2022
China Resources Cement Holdings Ltd has issued a profit warning saying that it expects its profit attributable to owners of the company to contract by 74-78 per cent YoY in 2022. The fall is being attributed to a rise in the unit cost of sales of cement products by the group in 2022, compared to the previous year, along with lower sales volumes over the 12-month period. 2022 also saw lowe...
BBMG warns of 59% profit fall in 2022
China-based cement producer BBMG Corp has announced that it expects to report a 52-59 per cent YoY decline in net profit attributable to shareholders in 2022. Net profit for the year is forecast come in at CNY1200m-CNY1400m (US$177m-207m). Net profit attributable to shareholders after deducting non-recurring profit and loss is predicted to be around CNY350m-550m, representing a YoY fall of ...
Emerson named ‘Industrial IoT Company of the Year’ for 5th time
Global technology and software company Emerson has been named the IoT Breakthrough 2023 ‘Industrial IoT Company of the Year’ for the fifth time, following previous awards in 2018-20 and 2022. This year’s award recognises the power of Emerson’s industry-leading Plantweb™ digital ecosystem, which now includes the AspenTech suite of plant optimisation software solutions. Plantweb, includ...
Savannah Cement sells 60% stake to Barak Asset Recovery
Mauritius-based Barak Asset Recovery has been given the green light by regulators to acquire a 60 per cent stake in Savannah Cement from Seruji Ltd . With one plant in Athi River , Nairobi, Savannah Cement began operations in 2012 and quickly gained a 15 per cent share of the Kenyan cement market. However, in recent years its market share slipped to 10 per cent with two lenders, banks K...
Steppe Cement records 11% revenue growth in 2022
Steppe Cement Ltd recorded 11 per cent revenue growth in 2022 to KZT40m (US$86,560) from KZT36m a year earlier, citing positive market conditions as it focussed on the Kazakh domestic market. The average price for delivered cement in 2022, excluding value added tax, was KZT23,963/t, up 12 per cent from KZT21,332 a year earlier. Steppe Cement reported positive market conditions in the K...
Adani Group investment to soar
The Adani Group will invest over INR600,000m (US$7.4m) in a number of sectors in Madhya Predesh that would create thousands of jobs. This would reshape the economy of several districts in the state, said Pranav Adani, director at Adani Enterprises, at the seventh Madhya Predesh Global Investors Summit. Currently, the group has investments of close to INR275,000m in sectors such as power ...
Sika reports record sales in excess of CHF10bn
In 2022 Sika reported sales in excess of CHF10bn (US$10.83bn) for the first time as the company saw sales growth of 15.8 per cent in local currencies compared to the previous year. Total sales came in at CHF10.49bn despite the increasingly difficult backdrop of rising raw material prices and a slowdown in construction sector growth in the second half of the year. In the EMEA region sal...
Cement Industries (Sabah) raises cement prices
Cement Industries (Sabah) Sdn Bhd has increased the price of cement by 5-15 per cent effective from the 4 January 2023. The price hike was made after taking into consideration the rise of raw materials and freight shipping costs. Local media states that the price of cement in Sarawak and Peninsular Malaysia has increased dramatically in recent months. In Peninsular Malaysia, for example, th...
State Bank of Pakistan reviews cement industry performance in FY22
The State Bank of Pakistan (SBP) has critically analysed the performance of the cement industry between July 2021 and June 2022. The central bank gauged the positive and negative impacts on local and export dispatches, employment, quarrying of minerals and the reason behind on slow progress of the industry. The SBP concluded that "marginal growth in local dispatches and declining exports hurt ...