Cement News tagged under: corporate
Fitch migrates Binani Cement to non-monitored, India02 July 2012, Published under Cement NewsFitch 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 coverage of BCL. The ratings will remain in the non-monitored category for a period of six months and b... |
Cemex expects to launch debt exchange offer next week02 July 2012, Published under Cement NewsCemex 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 conclude in the third quarter. |
CNBM to inject capital into North Cement, China29 June 2012, Published under Cement NewsChina 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, with its stake in North Cement reducing to 20% from 45%. Shanghai Zhentong will contribute CNY500m,... |
Fitch cuts Camargo Correa credit rating on Cimpor buy29 June 2012, Published under Cement NewsFitch 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 under pressure from high leverage and poor operational performance in the company's engineering and ... |
Qilianshan Cement's net profit to drop by 50% in 1H29 June 2012, Published under Cement NewsGansu 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 15Mta28 June 2012, Published under Cement NewsVotorantim 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 for the reorganisation, Votorantim Cimentos will also go on to operate in Turkey, Morocco, Tunisia, ... |
KKR eyes stake in Sree Jayajothi Cements, India28 June 2012, Published under Cement NewsPrivate 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 Cements. Another US private equity Mount Kellett also met with Shriram on the potential investment oppo... |
Strabag announces new CEO28 June 2012, Published under Cement NewsContractor 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 30 June, 2012. He will then lead a task force which will evaluate Strabag's organsiational and strate... |
Boral lowers expectations, Australia27 June 2012, Published under Cement NewsBoral 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 performance in the final quarter is proving to be well short of expectations. The reasons cited by the co... |
Lafarge to cut a further 97 jobs in France27 June 2012, Published under Cement NewsLafarge 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 2011. Earlier this month the group unveiled plans to cut costs by EUR1.3bn and increase profits over... |