Cement News tagged under: corporate
Fauji Cement in possible Askari Cement takeover, Pakistan22 February 2012, Published under Cement NewsFauji Cement Company Ltd (FCCL) plans to acquire Askari Cement of the Army Welfare Trust (AWT). Both companies are reportedly at an advanced stage of negotiations and are expected to announce a merger soon, once the necessary approval is received from the relevant government departments and board of directors. Should the deal proceed, Fauji Cement will become the second largest cement producer in Pakistan as capacity will increase from 3.43Mt to 6.10Mt. As per FY11 figures, FCCL holds... |
CRH announces appointment of chairman designate22 February 2012, Published under Cement NewsThe Board of CRH today appointed Mr. Nicky Hartery as Chairman Designate, to succeed the present Chairman, Mr. Kieran McGowan. Mr. McGowan, who has been Chairman since May 2007 and a Board member since 1998, will retire after the Company’s Annual General Meeting, which is scheduled for 9th May 2012. Mr. Hartery (60) who joined the Board of CRH in 2004, was Vice President of Manufacturing and Business Operations for Dell Inc.’s Europe, Middle East and Africa (EMEA) operations from 2000 to ... |
Lafarge-Tarmac tie-up challenged on competition grounds, UK21 February 2012, Published under Cement NewsThe planned merger between Lafarge and Tarmac has been called into question by the UK’s Competition Commission (CC) on grounds that the tie-up could damage competition in both the bulk cement and other construction materials markets. In February 2011, Lafarge and Tarmac announced their agreement to combine their cement, aggregates, ready-mixed concrete, asphalt and contracting businesses in the United Kingdom, comprising Tarmac Limited and Lafarge Cement UK, Lafarge Aggregates and Concret... |
CRH announces US management changes21 February 2012, Published under Cement NewsCRH has announced a number of changes within its management team in the USA, effective as of 20 February 2012. The appointments are as follows: Doug Black (47), currently Chief Executive of CRH's Americas Materials Division, is appointed to the newly created position of President and Chief Operating Officer, Oldcastle, Inc. (the holding company for CRH's operations in the Americas) and will report to Mark Towe, CEO of Oldcastle. Randy Lake (46) will succeed Doug as CEO of Americas Mate... |
Siam Cement to issue bonds in March, Thailand21 February 2012, Published under Cement NewsSiam Cement PCL of Thailand plans to issue up to THB25bn worth of bonds to existing bond holders and the public, Dow Jones News reports. The bonds, worth a four-year maturity, will carry a coupon rate of 4.15 per cent, the company said in a filing to the Securities and Exchange Commission on Monday. The bonds will be open for subscription during 1-9 March 2012 and during 26-30 March 2012, Siam Cement said. Siam Commercial Bank PCL, Bangkok Bank PCL, Kasikornbank PCL, Krung Thai Bank... |
Tokyo Cement quarterly net profit up 43 per cent, Sri Lanka20 February 2012, Published under Cement NewsSri Lanka’s Tokyo Cement said net profits for the December quarter rose 43 per cent to LKR275m (US$2.3m) from a year earlier with revenues up 39 per cent to SLR5.7bn. The company’s revenues grew 38% to LKR5.7bn cost of sales rose at a faster 44% but the firm grew gross profits at a slower 17%. Tokyo Cement is a joint venture between Nippon Coke and Engineering (formerly Mitsui Mining) and the local St Anthony’s Industries, selling the Mitsui brand. It operates a 1.8Mta grinding capac... |
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... |
Lafarge meets debt reduction target, net profit falls17 February 2012, Published under Cement NewsLafarge reported a 28 per cent decline in net profit in 2011 reflecting write-offs mainly in Greece, while sales rose three per cent. For 2012, the group sees cement demand edging higher and has pledged to continue slashing debt. Current operating income grew three per cent in the fourth quarter to €538m from higher sales volumes, higher pricing, and cost cutting measures. For the year, higher cost inflation and the negative impact of foreign exchange lowered overall results. Net prof... |
Vulcan's overall losses reduce, but rise in cement17 February 2012, Published under Cement NewsVulcan Materials' turnover edged ahead by 0.2% last year to US$2,564.6m and the EBITDA, which had dropped by 32.4% in 2010, recovered by 18.8% to US$440.4m. Excluding exceptional items, the EBITDA emerged at some US$353ms. After a net interest charge 20.2% higher at US$217.2m, the pre-tax loss was reduced by 20% to US$153.7m and the net loss reduced by 26.7% to US$70.8m. Capital expenditure, after two years of decline, increased by 14.6% to US$98.9m and is expected to be around US$100m th... |
Italcementi exits Turkish cement market16 February 2012, Published under Cement NewsCiments Français (part of the Italcementi Group) and its wholly-owned subsidiary Parcib, have signed a deal with Cimsa for the sale of 51 per cent of the capital of Afyon for TRY1,530,000. The overall value of the sale has been fixed at TRY57,530,000, a memo explains. Transfer of the shares to Cimsa and the payment for them will take place when the deal is completed, once the necessary authorisation has been obtained from the monopoly watchdog. The final price could then be subject ... |