Cement News tagged under: corporate
Pioneer Cement net income rises 16%28 September 2017, Published under Cement NewsPioneer Cement Ltd posted a net income of PKR2.91bn (US$27.6m) in the fiscal year ended on 30 June, up 16 per cent compared with PKR2.51bn in the previous year, according to a company notice to the Pakistan Stock Exchange (PSX). Revenues of the company surged by 13 per cent YoY mainly driven by clinker sales made to Fauji Cement during the year. Gross margins of the company remained above industry average of 40 per cent, however, they dipped slightly by 100 basis points YoY to 42 per ce... |
Cemex sells remaining direct GCC interest28 September 2017, Published under Cement NewsCemex annnounced it has sold 31,483,332 shares of common stock (the "Shares") of Grupo Cementos de Chihuahua, SAB de CV (GCC), which represents approximately 9.47 per cent of the equity capital of GCC. Proceeds from the sale were around US$168m, which will be used mainly for debt reduction and general corporate purposes. Cemex continues to have an approximate 20 per cent indirect interest in GCC through CAMCEM, SA de CV, an entity that owns a majority interest in GCC and in which Cemex ha... |
Votorantim Cimentos to sell stake in Suwannee American28 September 2017, Published under Cement NewsBrazil-based Votorantim Cimentos is to sell its 50 per cent stake in Suwannee American Cement (SAC), located in northern Florida, USA. The sale is part of Votorantim’s strategy of prioritising assets and reducing its debt. SAC supplies cement to the construction markets of Florida and southern Georgia from its 1Mta Branford plant. Although the plant was in the path of Hurricane Irma, it has remained largely unaffected, according to information obtained by ICR. Thanks to precautions ta... |
Stephan Oehme new Global Sales Director FLSmidth subsidiaries28 September 2017, Published under Cement NewsFLSmidth Pfister and FLSmidth Ventomatic have appointed Stephan Oehme to the new position of Global Sales Director. Mr Oehme holds a degree in mechanical engineering. Before joining FLSmidth, he spent over 14 years at Claudius Peters, most recently as Director of Sales and Technology. Part of his role will be the expansion of Pfister and Ventomatics business beyond the cement industry, where they both play a leading role, into adjacent business areas through organic growth, Oehme sai... |
Fiji Pacific Cement stoppage for renovation27 September 2017, Published under Cement NewsFiji’s Pacific Cement will be shutting down its cement mill for three weeks following the arrival of nine engineers from New Zealand to install a new motor and other parts and repair the outstanding issues at the plant. “So we’re in the right point now to shut down our factory, cement mill for the next three weeks and to introduce the new parts, the new motor and everything else to make sure the mill is steady and solid,” according to Fijian Holdings Ltd CEO, Nouzab Fareed. He added tha... |
Power cuts affect Udaypur Cement27 September 2017, Published under Cement NewsRegular power cuts in the last fortnight have led to losses of around INR20m at Udaypur Cement’s Gaighat plant, India. The company had started the new financial year with good business as the power supply to the works had been regular, according to plant manager, Nawal Kishore Saha. While the company has previously requested the authorities an uninterrupted power supply, its requirement had not been met on previous occasions as well. Last year, Udaypur Cement earned a profit of INR250m. |
Vicem Hoang Mai requested to build plant elsewhere27 September 2017, Published under Cement NewsAuthorities of Vietnam’s Nghe An province have asked the Vicem Hoang Mai Cement Joint Stock Company, an affiliate of Vietnam Cement Industry Corporation (Vicem), to study a different location for the construction of the company’s 4.5Mta Hoang Mai 2 cement plant. The provincial authorities have rejected the company’s proposal to develop the VN10.8tn (US$475.25m) plant in Hoang Mai 2 industrial park while suggesting the company survey an area in Tan Thang commune, Quynh Luu district, for th... |
Sanghi Industries receives "India's Most Trusted Company 2017" award27 September 2017, Published under Cement NewsIndia-based cement producer Sanghi Industries reported it has received the ‘India's Most Trusted Company 2017’ award from IBC InfoMedia on 24 September 2017. “‘India's Most Trusted Company Award’ is a unique recognition of the success and ingenuity of the fastest growing companies across India and the unique brains behind them. Sanghi Industries is selected as one of India's Most Trusted Company based on a comprehensive research conducted by Media Research Group of IBC InfoMedia,” the com... |
McInnis Cement inaugurates plant26 September 2017, Published under Cement NewsMonday, 25 September saw the inauguration of the 2.3Mta McInnis Cement plant in Port-Daniel-Gascons, Canada. In the presence of more than 200 guests, primarily suppliers and subcontractors and McInnis employees, the chairman of the company’s board, Laurent Beaudoin, said: "We got there, factory, quarry, terminal. The cement plant that has been talked about for so long and that the Gaspésiens have waited with patience, this grand project is officially taking off. " Recalling that its object... |
S&P upgrades Cemex to BB26 September 2017, Published under Cement NewsCemex SAB de CV announced that S&P Global Ratings upgraded its corporate credit rating in its global scale to BB from BB-. According to S&P, the upgrade reflects the continued improvement of Cemex's financial performance and leverage metrics during 2017, fuelled by a faster-than-expected completion of the asset divestment plan, the early conversion of part of the optional convertible notes due March 2018, and a generally favourable business conditions in its main markets. In addition, S&P... |