Cement News tagged under: corporate
Cemex signs sale agreement with Votorantim, USA09 February 2005, Published under Cement NewsCemex has signed a US$389m agreement with Brazil’s Votorantim Participacoes to sell assets in the USA, Cemex said in a statement. Cemex will sell the plants Charlevoix and Dixon-Marquetteand, and a number of distribution terminals in the Great Lakes Region, the USA. The two plants have a capacity to produce 2Mta of cement. The letter of intent over the deal was signed in November 2004. The waiting period in accordance with the Hart-Scott-Rodino Antitrust Improvements Act has expired.... |
Guj Ambuja hungry for more, looks for big buys08 February 2005, Published under Cement NewsDespite teaming up with the world’s second largest cement producer, Holcim, Gujarat Ambuja Cements (GACL) is in no mood to slow down its expansion plans. The country’s fourth largest cement maker is looking at a major acquisition, preferably in central India, which could be sealed in the current year. The company has earmarked around Rs 1,000 crore to fund its inorganic growth plans. GACL, which is a dominant player in the northern and western markets, is keen to enter new market... |
Lafarge North America 4Q rise07 February 2005, Published under Cement NewsConstruction materials supplier Lafarge North America Inc (LAF) posted higher fourth-quarter earnings, buoyed by strong volumes and solid pricing gains in its cement, aggregates and gypsum product lines. The company earned US$98.7m for the quarter ended December 31, compared with earnings of US$68.4m a year earlier. Sales rose to US$1bn from US$882.9m in the year-ago quarter, helped by a strong Canadian dollar. The cement sector reported operating income of US$84.3m during the... |
Holcim not to increase open offer price for ACC , India07 February 2005, Published under Cement NewsHolcim is not considering an increase in its open offer price for Associated Cement Companies, said a senior official with DSP Merrill Lynch, which is the advisor to the multinational for its acquisition into Associated Cement Companies Ltd. The end of last week saw the stock price of ACC surge beyond Holcim’s open offer price of Rs 370 per share to more than Rs 375 per share, amidst a swirl of speculation. One speculation was that Holcim would revise its open offer price, having `... |
Positive free cash flow at two cement firms to drop 50% in FY04, Taiwan07 February 2005, Published under Cement NewsTwo major cement companies expect to see their positive free cash flow fall by half on a consolidated basis in the year through March 2005. Positive free cash flow at Taiheiyo Cement Corp is projected to plunge 45 per cent to JPY48bn partly due to JPY3.3bn in negative investment cash flow resulting from the sale of an office building in Tokyo the previous term for JPY37.2bn. The firm’s operating cash flow is forecast to decline eight per cent to JPY51.3bn. Sumitomo Osaka Cement Co ... |
Good times ahead for India Cements07 February 2005, Published under Cement NewsThe stage is set for India Cements to turn the corner this year. The performance of this South India-based leading cement maker was dragged down by huge debts that it had run up in the last decade to acquire other cement companies. The company had been reporting losses on account of high interest costs. It is now ready to shake off this heavy burden by tying up with a Hong Kong-based FII to raise Rs 655 crore through a mix of equity and low-cost debt to refinance its high-cost debts. Th... |
Oman Cement Co posts US$25.1m nine month net profit07 February 2005, Published under Cement NewsThe Oman Cement Company (OCC) posted a net profit of OMR9.67m (US$25.1m) for the first nine months of 2004, up from OMR6.25m (US$16.2m) in the corresponding period of 2003. The company’s earnings per share reached OMR0.292 (US$0.75/), compared to OMR0.189 (US$0.49). OCC total assets grew to OMR84.9m from OMR81.67m (US$212.1m) and its total sales for the period increased to OMR24.9m (US$64.7m) from OMR19.07m (US$49.5m). The company produced a total 997,645t of clinker, up from 942,3... |
Holcim may have to make open offer for Everest04 February 2005, Published under Cement NewsHolcim’s agreement with Adani over ACC’s 76.01 per cent stake in materials firm Everest Industries is raising regulatory eyebrows and investor concerns, with analysts dubbing it as a curious and strange deal. Holcim, which agreed that it wished to take full control of ACC last month, may have to make an open offer for Everest Industries once its ACC deal is complete and it has secured control, analysts and industry sources said. Meanwhile, the Adani group has already made an announceme... |
Holcim plans to invest additional funds in India04 February 2005, Published under Cement NewsHolcim plans to invest additional US$1bn in India over 5-7 years Business Standard reported, quoting a senior executive of Gujarat Ambuja Cement Ltd. This investment is in addition to Holcim’s investment of US$800m for acquiring a 67 per cent stake in Ambuja Cement India Ltd (ACIL), the closely held investment firm that owns 13.8 per cent of Associated Cement Co (ACC), and to scale up its holding in ACC to 50 per cent, it said. Business Standard quoted GACL Executive Director Anil Singhvi as ... |
Dalmacijacement 2004 Net Profit Falls04 February 2005, Published under Cement NewsCroatian cement maker Dalmacijacement, a subsidiary of UK construction materials company RMC Group, said on Thursday its net profit for 2004 fell 29 per cent on the year to 150.7 million kuna (US$25.9m). The drop was largely due to a 77 per cent year-on-year fall in the profit for the last quarter, the company said in a consolidated report sent to the Zagreb Stock Exchange. Dalmacijacement officials were unavailable to comment. |