Cement News tagged under: corporate
Colombia’s Cementos Argos Sells COP80bn in One-Year Notes23 May 2008, Published under Cement NewsColombia’s largest cement company, Cementos Argos SA, Thursday sold COP80bn (US$45m) worth of commercial notes, the company told the securities regulator. Cementos Argos said in January that it will use the proceeds to pay back part of the COP250bn worth of local bonds that expire in August. Total demand for the notes was about five times the amount sold. The one-year notes will pay a yield of 11.08%. The sale is part of the COP300bn worth of notes the cement company approved earlier... |
James Hardie shares tumble22 May 2008, Published under Cement NewsAustralian James Hardie Industries, the largest seller of home siding in the US, today posted a full-year loss as the slump in US housing market deepens. Sydney-based Hardie said its net loss was $US71.6 million ($74.3 million) for the year ended March 31, compared with a net profit of $US151.7 million in fiscal 2007. This year, the company expects further weakness in the United States, where it makes about four-fifths of its sales. Chief executive Louis Gries said on a conference call that... |
Cement cartel success boosts UK claims22 May 2008, Published under Cement NewsInvestigators gathering evidence over alleged cement price fixing in the UK have been boosted by Heidelberg, Lafarge, Holcim, Cemex and three other cement producers losing their court bid in Germany to throw out a lawsuit over a price-fixing cartel. The German lawsuit, filed by Cartel Damage Claims (CDC), is seeking over 350 million euros - including interest at 8% - in damages for around 35 unnamed companies after a 2003 investigation found the six cement firms had colluded on quotas and ge... |
CRH appoints Chief Executive Designate22 May 2008, Published under Cement NewsCRH announces the appointment of Mr. Myles Lee as Group Chief Executive Designate. Mr. Lee will succeed the current Chief Executive, Mr. Liam O’Mahony, when he retires as previously announced at the end of 2008. Mr. Lee, a civil engineer and accountant, is aged 55 and joined CRH in 1982. He was appointed General Manager Finance in 1988 and became Finance Director in November 2003, at which time he joined the CRH Board. CRH also announces the appointment of Mr. Albert Manifold as Group Chief... |
JK sees profits fall21 May 2008, Published under Cement NewsJK Cement, one of the largest cement manufacturers in North India and the second largest white cement producer in the country, announced a marginal fall in standalone net profit for the fourth quarter ended March 2008, due to substantial rise in operating costs together with marginal revenue growth. During the quarter, the profit of the company declined 2.60% to Rs598 million from Rs614 million in the same quarter, last year. Net sales for the quarter climbed 5.18% to Rs3,856 million, whil... |
L&T, Grasim joust over UltraTech stock21 May 2008, Published under Cement NewsTwo of India most valuable companies Larsen and Toubro Ltd (L&T) and Grasim Industries Ltd, which have been at loggerheads since the early 2000s over cross-holdings, are facing another contentious issue over L&Ts 11.49% holding in UltraTech Cement Ltd, which is now majority-owned by Grasim. L&T, India largest engineering and construction company, has to exit its stake in Ultra Tech the former L&T Ultra Tech Cement Ltd December 2009, as per a 2005 agreement. The agreement gives Grasim, part... |
Cement stocks in the spotlight21 May 2008, Published under Cement NewsMalaysian cement companies attracted attention yesterday following speculation that the industry will be the next to be liberalised after the steel industry. Analysts are positive that a cement price hike would happen but the question that remains was a matter of timing. “A price hike for cement is imminent. The automatic pricing mechanism (APM) is still something the cement players expect but they do not know when that will happen. We are still waiting for the government’s decision but the... |
Barclays cuts its stake in Holcim20 May 2008, Published under Cement NewsHolcim has announced that Barclays has cut its stake in the group to below the 3 per cent reporting threshold. The Swiss cement maker also said that UBS currently holds a stake of 3.16 per cent in Holcim. |
CRH share buyback20 May 2008, Published under Cement NewsCRH plc announces that on 19thMay 2008 that UBS Limited purchased, on behalf of the company 71,522 Ordinary Shares of EUR0.32 each in CRH plc at prices between EUR24.317and EUR24.60 per Ordinary Share. The purchased shares will be held as Treasury Shares. Following the above transaction, CRH plc holds 10,824,365 ordinary shares in Treasury. The number of Ordinary Shares in issue (excluding Treasury Shares) is 537,296,071. |
Lafarge sets out guidance on Euro bond20 May 2008, Published under Cement NewsLafarge has set guidance on its planned two-part euro bond that will help refinance its purchase of Egypt’s Orascom Cement, an official at one of the banks managing the sale said on Monday. Lafarge plans to sell a 3-year euro bond at mid-swaps plus 125-130 basis points and a 7-year euro bond at mid-swaps plus 170-175 basis points, the official said. Five-year credit default swaps on Lafarge were indicated at around 123 basis points on Monday morning, according to data from Markit. HSBC, Nati... |