Cement News tagged under: corporate
China’s Huaxin Cement plans JV with Huangshi15 November 2004, Published under Cement NewsHuaxin Cement Co Ltd plans to cooperate with Huangshi Yiruida Investment Co Ltd in a cement joint venture with total capital of 500 mln yuan, the listed company said in a statement. Huaxin Cement (which has Holcim involvement) will take an 80 per cent stake in the venture by contributing a cement production line worth 400m yuan, while the remainder will be held by Huangshi Yiruida Investment Co Ltd, which will inject land-use rights worth 177.97 mln yuan, according to the statement. The joint... |
CCC puts US$100m expansion on hold15 November 2004, Published under Cement NewsJamaica’s Caribbean Cement (CCC) has reportedly postponed the US$100m capital investment in its Kingston plant because the government has not yet put into law a 40.8 per cent duty on imported cement, the Jamaica Observer reported. In September 2003, CCC filed for protection with Jamaica’s antidumping and subsidies commission, saying it was being hurt by imports and needed to be protected while it upgraded its plant. The plant upgrade plan came in anticipation of the lowering of tariffs th... |
Semen Gresik sees 2004 net profit rising15 November 2004, Published under Cement NewsIndonesia’s Semen Gresik sees 2004 net profit rising to 400 bln rupiah for 2004 against a restated 378bn in 2003, said the company’s Finance Director Cholil Hasan. He also said the company has just completed a special audit on the 2002 and 2003 financial reports of unit PT Semen Padang, resulting in a downward revision of its consolidated net profit for both years. Following the special audit, Semen Gresik’s 2002 net profit has been restated at 151bn rupiah from 196bn, and its 2003 net profi... |
Exchange rate losses hinder Juan Minetti profits12 November 2004, Published under Cement NewsArgentina’s second largest cement company Juan Minetti, controlled by Holcim, posted a 40.8m peso (US$13.8m) consolidated net profit in the first nine months of the year, down 59.7 per cent from the same period last year. For the period, net sales rose 32.6% to 357m peso on a 26% increase in portland cement sales and operating profit grew 32.8% to 121m peso. Still, exchange rate differences on the company’s debt impacted the bottom line, the company said in a filing to the country’s securiti... |
Lafarge keen on more Indian acquisitions12 November 2004, Published under Cement NewsLafarge India Ltd is weighing the options of setting up greenfield units or taking over existing units in the country for growth. The Indian subsidiary, which has presence in the eastern part of the country only by virtue of acquiring Tata Steel’s cement plant in Jamshedpur, would like to be a national player by establishing a strong market presence all over the country, chairman of Lafarge group, Paris, Bertrand Collomb said. He said the company’s strategy for growth in developing countr... |
Portland Cement reports a Sh269m loss12 November 2004, Published under Cement NewsEast African Portland Cement, Kenya, slid into losses with a Sh269 million posting for the year to June 30, 2004. Audited results released by the cement manufacturer yesterday indicate that the Athi-River based company can take some solace in the fact that the residual loss was made largely on the back of a hefty Sh637 million exchange loss on a yen-denominated loan. EAPC’s earnings position was further eroded by a Sh111 million exceptional item , believed to have been the direct result of... |
UAE Sharjah Cement net profits rise12 November 2004, Published under Cement NewsUAE cement producer Sharjah Cement and Industrial Development Company registered a significant increase in net profit to 98.4 mln UAE dirhams ($26.8m) for the first nine months of 2004, up from 36.4 mln dirhams ($9.9m) for the same period of 2003. Earnings per share (EPS) rose to 0.31 dirhams ($0.08) in the period January to September 2004 from 0.11 dirhams ($0.03) in the year-ago period. Sharjah Cement and Industrial Development was established in the emirate of Sharjah in 1979 and was l... |
UAE Fujairah Cement Industries12 November 2004, Published under Cement NewsUAE cement manufacturer Fujairah Cement Industries Company posted a net profit of 73.64 mln UAE dirhams ($20.1m) for the first nine months of 2004, up from 25.3 mln dirhams ($6.9m) for the same period of 2003. Earnings per share (EPS) rose to 0.26 dirhams ($0.07) in the period January to September 2004 from 0.09 dirhams ($0.025) in the year-ago period. Fujairah Cement was established in the emirate of Fujairah in 1979 and was listed on the Kuwait Stock Exchange (KSE) in 1993. |
Mexico’s Cemex Agrees to sell two cement plants in US12 November 2004, Published under Cement NewsBrazil’s Grupo Votorantim has apparently reached an agreement in principle to buy two cement plants in the US from Mexico’s Cemex, according to local news sources. The move will mark Cemex’s first major divestment after its $4.15bn acquisition of Britain’s RMC Group PLC in late September and comes at a time when the global cement industry appears to be entering a new phase of consolidation. For Votorantim, Brazil’s largest diversified industrial conglomerate, it will mean the latest in a stri... |
Audax buys Ready Mixed11 November 2004, Published under Cement NewsSouthern Equipment, the 69-year-old United States Raleigh company in business as Ready Mixed Concrete, has been bought by a Boston investment firm, and a group of the companies’ executives, for $210 million. Audax Group, which has about $1 billion under management, partnered with Ready Mixed’s management team to buy the company. It is one of the largest providers of premixed concrete in North Carolina, South Carolina, and southern Virginia, said Jay Jester, Audax’s senior vice president fo... |