Cement News tagged under: corporate
Cementos Moctezuma completes second line at Apazapan01 December 2016, Published under Cement NewsCementos Molins and Buzzi Unicem's Mexican joint venture, Cementos Moctezuma, announced that construction of the second production line at its Apazapan plant in Veracruz state has now been completed. The new line will fully enter operation on 15 December, when the mill is commissioned. The project, financed by the company through its own resources, represents an investment of US$23m. It will enable output at the works to rise by 20 per cent and increases capacity from 1.3Mta to 1.4Mta. |
Mexico: Cemex prepays 2017 maturity in credit agreement01 December 2016, Published under Cement NewsCemex has prepaid US$373m, corresponding to the September 2017 amortisation under the facilities agreement of 29 September 2014. Some US$664m of currently-funded commitments maturing in 2018 have now been exchanged into a revolving facility, maintaining their original amortisation schedule and the same terms and conditions. The company says that the new revolving facility will provide it with additional flexibility to optimise the use of proceeds from asset sales and free cash flow, while ... |
HeidelbergCement completes sale of US assets to Cementos Argos01 December 2016, Published under Cement NewsHeidelbergCement has completed the US$660m sale of the Martinsburg cement plant and eight terminals to Cementos Argos. HeidelbergCement had been required to sell the West Virginia plant to comply with regulators following the acquisition of Italcementi. It is expected that the company will use the proceeds of the sale to pay down some of debt it took on to finance the acquisition process. “With the disposal of the US assets we fulfil the obligation of the FTC and improve the net financ... |
Kazakhstan: Steppe Cement refinances US$15m loans01 December 2016, Published under Cement NewsSteppe Cement has announced that it has refinanced two loans worth a combined US$15.3m, StockMarketWire reports. A loan of US$5.5m due this month has split into three tranches, the last of which now falls due in November 2018. A US$9.8m loan contracted in 2014 will now be repaid in equal monthly instalments until November 2021. "The refinancing exercise allows Steppe Cement to spread the repayment of principals over the coming years and paves the way to pay dividends consistently once ... |
Tanzania: rising costs bring Dangote plant to a standstill30 November 2016, Published under Cement NewsProduction at Dangote’s Mtwara plant in Tanzania was brought to a halt last week as the company has found itself embroiled in a political battle over the payment of incentives by the Tanzanian government, the Citizen newspaper reports. The 3Mta plant was commissioned in October 2015 and Dangote has claimed to have made ‘strong market share gains’ according to its trading update for the first nine months of 2016. However, in the same release, the company admitted that a reliance on diesel ... |
Chile: Cementos Bío-Bío sees 8.6% profit slip in 9M201630 November 2016, Published under Cement NewsChilean cement producer Cementos Bío-Bío reported a 3.3 per cent rise in profits to CLP221.5bn (US$329m) in the January-September 2016 period from CLP214.5bn in 10M15. However, a rise in the cost of sales and financing as well as a foreign exchange loss saw the company with sharply reduced profits. Net profits reached CLP13.847m in the 10-month period, down 8.6 per cent when compared with CLP15.156m with the first 10 months of 2015. |
Sinai Cement swings into EGP7.7m 3Q profit30 November 2016, Published under Cement NewsEgypt’s Sinai Cement reported a profit of EGP7.65m in 3Q16 vs a 3Q15 loss of 24.47m. In the first nine months of 2016, the company turned a profit of EGP23.02m (US$426,111), a significantly better result than the previous year when the company reported a loss of EGP53.16m, taking into account minority rights. |
HeidelbergCement issues EUR1bn29 November 2016, Published under Cement NewsHeidelbergCement has priced a Eurobond issue under its EUR10bn EMTN programme with an issuance volume of EUR1bn and a maturity date of 7 February 2025. Demand was very high and the bond was oversubscribed several times, reported HeidelbergCement. With this issue, HeidelbergCement tapped the capital market for the first time following the recent investment grade classification. The eight-year bond bears a fixed coupon of 1.50 per cent. The issue price is at 98.529 per cent, resulting in a ... |
India Cements receives stay on CCI fine29 November 2016, Published under Cement NewsIndia Cements received a stay order following its appeal of the decision made by the Competition Commission of India (CCI) to impose a INR1.87m fine on it for unfair pricing practices. On 31 August, CCI imposed penalties of around INR67bn on 10 cement companies and the Cement Manufacturers’ Association for cartelisation. COMPAT imposed a condition that India Cements would have to deposit 10 per cent of the penalty in the registry of the tribunal in the form of six-month fixed deposit with... |
Canada: McInnis Cement appoints new President and CEO29 November 2016, Published under Cement NewsHervé Mallet jhas been appointed as the new President and CEO of McInnes Cement. Mr Mallet has considerable experience in sales, marketing and operations and is a graduate of the University of Wolverhampton and Brunel University, UK. Until recently Mr Mallet was executive vice-president of North America for Dynacast, a manufacturing company with 23 plants and 6000 employees worldwide. As such, he oversaw eight production facilities in North America, delivering performances two times g... |