Cement News tagged under: corporate
Holcim well-positioned for global upturn in 201018 December 2009, Published under Cement NewsA mixed year for Holcim in 2009 but with strong foundations in place and an excellent emerging market portfolio, particularly India and China, the No 2 global cement producer is set to reap the benefit from improving market conditions in 2010. Looking back over the current year, Holcim raised SFr2113.5m (€1409m) through a one-for-eleven rights issue in July. The Schmidheiny family only exercised part of its rights, as a result of which its interests in Holcim fell to 18.2%, falling to bel... |
PACRA pulls out Pioneer Cement entity ratings17 December 2009, Published under Cement NewsThe Pakistan Credit Rating Agency (PACRA) said it withdrew the BBB long-term and A3 short-term entity ratings on local cement producer Pioneer Cement Ltd with immediate effect. The withdrawal follows the company’s decision to suspend the rating relationship. Pioneer Cement’s business profile has come under significant pressure, mainly on account of restrained prospects of the company amidst various challenges faced by the cement sector. Meanwhile, the financial profile is stressed due to h... |
Lafarge appoints public affairs director France17 December 2009, Published under Cement NewsLafarge SA has appointed Alain Guillen public affairs director for France. Previously, Guillen, 49, was organisation and human resources director for the company’s cement activities in France. Between 2001 and 2005, he was social policy director at Lafarge. |
Loma Negra gets US$125m loan for expansion16 December 2009, Published under Cement NewsArgentine cement company Loma Negra has secured a US$125m loan package from the Inter-American Development Bank and six commercial banks to complete its expansion program. |
Changes at Area Management level at Holcim Ltd16 December 2009, Published under Cement NewsBill Bolsover will retire from his position as Area Manager and member of the senior management of Holcim Ltd at the end of March 2010. In 2006, he was appointed CEO of Aggregate Industries Ltd with activities in the UK and the US. At Holcim Group level, he was also in charge of the corporate function Aggregates & Construction Materials Services. Bernard Terver, currently CEO of Holcim US, will be appointed Area Manager and member of the senior management of Holcim Ltd with effect April 1, ... |
Cemex debt swaps triggered by restructure, ISDA says16 December 2009, Published under Cement NewsCredit-default swaps on Cemex SAB, the largest cement maker in the Americas, were triggered by a so-called restructuring credit event, according to the International Swaps & Derivatives Association. The ruling was made by a group of independent arbitrators after a committee of credit-default swap dealers and investors was unable to agree whether to reimburse investors for the debt insurance contracts, according to New York-based ISDA. It’s the first time a regional committee has passed a ru... |
HeidelbergCement’s bet on Australia reflects ‘Modest’ debt plan16 December 2009, Published under Cement NewsHeidelbergCement AG may only see a slow improvement in credit ratings as the company struggles to find buyers for unwanted assets, according to a report by Fitch Ratings. HeidelbergCement and French rival Lafarge SA may be hampered by tight credit markets as they seek to sell units to pay down debt, Fitch said today. Without the extra money generated through disposals, debt reduction may only be “modest” for these companies in 2010, it said. HeidelbergCement plans to generate as much as EU... |
Shree Cement to treble power share in sales15 December 2009, Published under Cement NewsShree Cement is targeting a three-fold increase in the contribution of the power business to the company’s sales in the next year in a bid to boost operating margins, a senior official with the Kolkata-based cement manufacturer said. "In the next one year, we expect the power business to contribute at least 20-25 per cent to our total sales from the existing 7-8 per cent. That would help the EBIT margins to remain or increase from the current 40% levels," K Singhi, executive director at Shre... |
Capital Group sells 4.29 per cent stake in Mangalam Cement15 December 2009, Published under Cement NewsCapital Group, on Monday sold 4.29 per cent stake in Mangalam Cement for INR122.88m. It sold 937,845 shares of the company via its account Small Cap World Fund and American Funds Insurance Series at INR131.02 a share at the National Stock Exchange (NSE). On the other hand, Birla Sun Life Insurance Company bought 2.29 per cent stake in Mangalam Cement for an aggregate of INR65.5m. The insurance company sold 500,000 shares at a price of INR131 a share on the NSE. Shares of the company gai... |
CRH hits two-month high, for a four day rise of 5.6 per cent15 December 2009, Published under Cement NewsCRH , the 4th largest Construction company by market capitalisation in the Global ADR market, traded at its 34-day high of US$27.56. The ADR rose for a fourth consecutive day on Monday bringing its four-day rise to US$1.43 or 5.6 per cent. The ADR price rose 17.0 cents (or 0.6 per cent) to close at US$27.03. Compared with the The Bank of New York Mellon Composite ADR index, which rose 1.2 points (or 0.9 per cent) on the day, this was a relative price change of -0.3 per cent. |