Cement News tagged under: Spain
Cementos Portland to ask permission for capital hike, Spain17 April 2012, Published under Cement NewsSpanish cement producer Cementos Portland Valderrivas will request its shareholders permission to launch a capital increase over the next five years. With the move, the company is seeking to reinforce its balance sheet in case it fails to wrap up the sale of US unit Giant. The company's shareholders will hold a general meeting on May 18. Abstracted from an original article in Cinco Dias |
Cemex exchange offer reduces debt27 March 2012, Published under Cement NewsCemex announced the results of its five separate exchange offers made on a private placement basis to exchange currently outstanding Euro-denominated 4.75% As a result of the Exchange Offers, Cemex’s overall indebtedness (including the Perpetual Debentures) will be reduced by approximately US$131m. Fernando Gonzalez, Cemex’s CFO, said: “These exchange offers allow Cemex to further reduce its refinancing risk and its overall indebtedness (including Perpetual Debentures), two important compo... |
FCC to delay Giant Cement sale, USA26 March 2012, Published under Cement NewsFCC is to delay the planned sale of its US-based Giant Cement Holding division while the Spanish construction major focuses on debt refinancing of Cements Portland Valderivvas, Dow Jones reports. FCC owns nearly 70 per cent of Cements Portland, which in turn owns Giant Cement. FCC had previously said it planned to sell Giant by the end of the first quarter but has now changed the timeline, FCC chairman and CEO Baldomero Falcones Jacquotot told Dow Jones in an interview, stating that FCC i... |
Cementos Portland Valderivvas debt reduction plans, Spain15 March 2012, Published under Cement NewsSpanish cement producer Cementos Portland Valderivvas is looking to reduce debt to around EUR1bn from the current EUR1.3bn with two options on the cards. The company is looking for institutional investors to subscribe to its forthcoming capital hike, the proceeds of which will allow Cements Portland to cut debt. It is also considering the divestment of it Giant subsidiary in the USA and reduce its workforce by some 500 employees, Cinco Dias reports For this year, the company is planni... |
RDF – stored and delivered14 March 2012, Published under Cement NewsWhen Cementos Molins Industrial of Spain needed a new RDF preparation, storage and transport facility, the cement producer turned to Vecoplan FuelTrack. The German firm put its 15 years of experience to good use in a design that not only allowed for current requirements, but also for future needs as described in this article by Boris Sassenrath, Vecoplan FuelTrack GmbH of Germany together with Ferran Griera and Gonzalo Lopez of Cementos Molins Industrial SA, Spain. Figure 1: bridge cr... |
Cementos Portland reports 2011 loss, Spain27 February 2012, Published under Cement NewsCementos Portland Valderrivas of Spain reported a loss of EUR327.5m for 2011 against a profit of EUR1.2m registered in 2010, local press reported. The result was explained by the company’s need to allocate EUR337m to the reinforcement of its balance sheet, Expansión reported. Excluding this effect, the loss would have come in at EUR16m. Revenues were down by 19.2 per cent YoY to EUR609m, while EBITDA amounted to EUR150.1m, down 30.8 per cent. Cementos Portland plans to boost EBITDA ... |
FCC may delay sale of US unit24 February 2012, Published under Cement NewsFomento de Construcciones & Contratas SA (FCC) of Spain may delay the sale of its US business after receiving offers below expectations, El Confidencial reports. FCC had wanted EUR600m for the unit, however, potential buyers do not see economic recovery yet that will revive cement demand, the newspaper noted, citing unidentified sources. |
Cementos Portland Valderrivas appoints new executive chairman17 February 2012, Published under Cement NewsThe Board of Directors of Cementos Portland Valderrivas, Spain’s largest cement producer, has approved the appointment of Juan Béjar Ochoa as executive chairman of the group. Mr Béjar will continue as executive chairman of Globalvia, a 50:50 joint venture between Bankia and FCC. Previously, he was chairman of Citigroup Infrastructure Management, Citigroup's subsidiary responsible for infrastructure asset management, where he raised US$3.4bn for investment in the sector and the subsequent ma... |
Spanish consumption falls to 1987 levels17 February 2012, Published under Cement NewsSpanish cement consumption fell to 1.1Mt in January 2012, representing a 23.5 per cent decline than the same month of last year, latest figures from Spanish cement association Oficimen show. Cement production was 1.4Mt, a 17.26 per cent decline over January 2011. Looking at the past 12 months (February 2011 - January 2012), the decline in production was slightly over 17% to 21.7Mt, while consumption registered a decrease of 18.6% of 19.9Mt. Regarding trading, exports remained at 3.9Mt whi... |
Readymix considers Cemex Espana offer03 February 2012, Published under Cement NewsA sub-committee of the board of Readymix is considering Cemex’s EUR9.5m offer to by the outstanding 40 per cent of the company it does not own via its Spanish subsidiary. The Irish Times reports that Readymix chairman Adrian Auer and independent director Donal O’Connor are considering the approach and working on a response. Readymix yesterday said that it expected total losses for 2011 to reach €54m. |