Cement News tagged under: corporate
Lafarge’s plaster unit attracts 10 potential buyers13 May 2011, Published under Cement NewsSome 10 sector companies and investment funds have shown interest in the acquisition of Lafarge’s plaster unit Lafarge Gypsum, local press report. In the first round of the bidding procedure, Lafarge has received offers from investment funds KKR, Carlyle, Cinven, Advent and TPG and US companies Eagle Materials, US Gypsum, National Gypsum and Belgian Etex. Some of the potential buyers are, however, interested only in European assets, valued by Lafarge at some EUR 800m, while others eye most... |
CNBM to benefit from capacity elimination13 May 2011, Published under Cement NewsSelective China cements stocks are outperforming with China National Building Material rising 0.1% to HK$16.48, adding to its 1.7% gain Wednesday, which came on China MIIT’s release (on May 10) of its capacity elimination targets for the cement industry. UOB KayHian says while it doesn’t have the detailed elimination target of each province, based on newsflow, MIIT has set heavier elimination task for Hebei, Shanxi, Henan and Zhejiang provinces this year so as to upgrade local industrial s... |
Lafarge divests to pay down debt – what’s next?13 May 2011, Published under Cement NewsLafarge is on track to meet its 2011 debt reduction target of €2bn following the announcement of the sale of its cement and concrete assets in the southeast United States to the Colombia-based conglomerate Cementos Argos. Argos, meanwhile, consolidates its footprint in the US, becoming the second largest cement producer in the southeast region. The assets, which amount to 3.2Mta of cement capacity and 3.3Mm3 of ready-mix concrete, have an enterprise value of US$760m (€533m) and generated ... |
Anhui Conch Cement approved by regulator, China12 May 2011, Published under Cement NewsAnhui Conch Cement Co announced yesterday that it was approved by China Securities Regulatory Commission to issue CNY9.5bn (US$1.46bn) worth of corporate bonds. |
Misr Cement Qena 1Q net profit dips 11.2%, Egypt12 May 2011, Published under Cement NewsEgypt’s Misr Cement Qena reported that first quarter net profit fell 11.2 per cent YoY, the stock exchange said on Wednesday. Audited net profit dipped to EGP102.5m (US$17.3m) from EGP115.4m in the first quarter of 2010, the exchange said. |
National Cement mulls financing plans, Egypt12 May 2011, Published under Cement NewsNational Cement is intending to do without both World Bank and Egyptian Environmental Affairs Agency (EEAA) loans amounting to US$13.9m which was set to finance renovation of the company’s lines 3 and 4 with investment of EGP568m (US$96m). Othman Sadek, managing director of the company, stated that the project’s feasibility study targets to improve company’s net profits and revenues from 19.9% during 2010/11 to 32.9% in the first year of operation, 29.2% in the second year, 28.8% in the th... |
Standard & Poor’s downgrades Titan12 May 2011, Published under Cement NewsStandard & Poor’s Ratings Services said today that it lowered its long-term corporate credit rating on Greek producer (Titan) to ’BB-’ from ’BB’. The short-term rating is unchanged at ’B’. At the same time, we removed the ratings from CreditWatch, where we had originally placed them with negative implications on December 7, 2010. The outlook is negative. The rating actions follow its downgrade of the Hellenic Republic (Greece; B/Watch Neg/C) on May 9, 2011. In accordance with S&P’s criteri... |
US Cement Shipments decline only 0.8% in March12 May 2011, Published under Cement NewsUS Geological Survey preliminary estimates indicate that US cement shipments in March 2011 were 0.8% lower than in March 2010, better than expected, according to analysts at Jefferies International. This was only the second monthly decline in the last 13 months, and appears to have been mainly caused by the bad weather in parts of the US, Jefferies notes. In the first three months of this year, cement shipments were 3.4% higher than in 1Q10. In the last 12 months (April 2010-March 2011) th... |
FLSmidth 1Q revenue dips, 2011 contracted cement capacity forecasts Denmark12 May 2011, Published under Cement NewsDanish engineering group FLSmidth has reported a two per cent decrease in first-quarter revenue to DKK4385m as the company’s order intake decreased four per cent to DKK4964m but increased 42% in Minerals alone. The order backlog has increased by one per cent to DKK 24,033m since the turn of the year. Revenue in Cement declined 20% on the same period the year before, whilst increasing 20% in Minerals and 16% in Cembrit. EBITDA was down 8% to DKK427m corresponding to an EBITDA ratio of 9.7%.... |
National Cement first-quarter revenue falls, UAE12 May 2011, Published under Cement NewsUAE-based National Cement Company said first-quarter revenue fell by 24% against the same period last year, though a rise in finance income allowed the company to post a net profit. The cement maker saw income of $15.4m (AED 56.7m), against $20.3m (AED 74.6m) the previous year, though with the cost of sales rising on higher material expenses it posted a gross loss of $1.63m (AED 6m). However, a 105% rise in finance income allowed the company to post a net profit of AED 15.1m, down a quarte... |