Cement News tagged under: corporate
HeidelbergCement seen up on financing18 June 2009, Published under Cement NewsShares in German cement maker HeidelbergCement are indicated 4.4 per cent higher in pre-market trade after two bankers close to the situation tell Reuters that lenders to the troubled company are set to approve its €9bn (US$12.47bn) loan restructuring. "(The) HeidelbergCement share reacts very sensible to news on financing efforts," a local trader says, but adds that the news comes "more or less as expected." Signing is expected to be concluded by Thursday, which will allow HeidelbergCemen... |
Cemex Falls to Three-Week Low on Bank of America Cut17 June 2009, Published under Cement NewsCemex plunged to the lowest in three weeks in New York trading after it was cut to “underperform” from “neutral” Bank of America Corp. on valuation concerns. Cemex’s American depositary receipts fell for a second day, losing 6.9 percent to $9.59. In Mexico City, the shares sank six per cent to 12.99 pesos. Monterrey, Mexico-based Cemex trades at a 25 per cent premium to rivals Holcim Ltd and Lafarge based on forward earnings, Bank of America analysts said. The bank lowered its price estima... |
Italcementi, Ciments Francais boards to meet Friday17 June 2009, Published under Cement NewsThe boards of Italcementi and Ciments Francais will meet on Friday to discuss the merger of the two companies, an Italcementi spokesman said on Tuesday. "The boards of Italcementi and Ciments Francais have been called for June 19 to examine all the aspects regarding the merger of the two companies," the spokesman said. Italcementi, the world’s fifth-largest cement maker by production capacity, said in February it would buy out the 18 percent of Ciments Francais it does not already own. |
Cemex in further divestments15 June 2009, Published under Cement NewsMartin Marietta Materials has paid Cemex US$65m for three quarries in Nebraska, Wyoming and Utah as well a a 49% minority interest in a further quarry in Wyoming, already controlled by Martin Marietta. Last year, these quarries produced a total of 3Mt of aggregates for Cemex. In the first three months of this year, Martin Marietta sold 23.95Mt of aggregates, a decline of 20.2%, while average prices improved by 3.7%. |
Lafarge Cement appoints new SA chief11 June 2009, Published under Cement NewsLafarge Cement has appointed Thierry Legrand as its new CEO for South Africa. For the last four years, Legrand has been the GM of Lafarge Gips, the group’s plasterboard subsidiary responsible for Germany and the Netherlands. Following his role in Germany, he decided to seek other challenges outside of Europe but still within Lafarge, and has now made the move to the South African operations. |
Vulcan expects weak orders to cut 2009 profit11 June 2009, Published under Cement NewsVulcan Materials Co on Wednesday forecast 2009 profit below Wall Street expectations as construction product shipments are curbed by weak demand and wet weather. The company expects full-year profit to range between 70 cents and $1 per share, well below the $1.13-per-share average estimate of analysts polled by Thomson Reuters. The company also said it will see lower capital spending and cut its dividend in half in order to boost its available cash. |
Larsen & Toubro said to be selling 8.3% of UltraTech11 June 2009, Published under Cement NewsLarsen & Toubro Ltd, India’s biggest engineering company, is offering to sell 10.3 million shares in UltraTech Cement Ltd, equivalent to an 8.3 per cent stake, according to a source familiar with the transaction. Mumbai-based Larsen & Toubro may offer the shares at 720 rupees to 735 rupees apiece, the person said, requesting anonymity since the plan is confidential. The stake would be valued at 7.57 billion rupees ($160m) at the upper end of the range. Larsen & Toubro, which owns 11.49 per... |
GCC says talks with creditors continue10 June 2009, Published under Cement NewsMexican cement maker Grupo Cementos de Chihuahua (GCC), said Tuesday that it is still in talks with creditors in relation to outstanding debts. In a filing with the Mexican Stock Exchange, GCC said it will "continue negotiating with a view to reach a satisfactory agreement" with creditors. The company also said it has obtained a four-year, $30-million revolving line of credit with government export development bank Bancomext. |
TCC Intl buys Guangxi cement maker at HK$1.76bn08 June 2009, Published under Cement NewsTCC International said its subsidiary, TCCI, agreed to acquire the entire issued share capital of TCCI (Guangxi) but not the shareholder’s loan at HK$1.76bn. TCCI(Guangxi) holds the entire equity interest in TCC (Gui Gang), which is principally engaged in the business of the manifacture and distribution of cement and clinker and operates four integrated lines with an annual production capacity of 9Mt of cement and clinker located at Gui Gang City in Guangxi. |
Heidelberg Cement says financing goes in right direction04 June 2009, Published under Cement NewsTalks between German highly-indebted Heidelberg Cement AG and some 40 creditors are going in the right direction, the cement producer said Wednesday. Thus, the company rebuffed a report of daily Frankfurter Allgemeine Zeitung, saying it had only two weeks to agree with creditors on its bridge financing in order to avoid insolvency. At the end of the first quarter Heidelberg Cement had liquidity of around EUR 2bn, a spokeswoman for the company said. Creditor banks are allowed to urge Heidel... |