Cement News tagged under: corporate
Zimbabwe: SZCC demands deeds to land13 September 2016, Published under Cement NewsSino-Zimbabwe Cement Company (SZCC) has requested that government grant it the title deeds for Indiva Farm, where the company is located. The state-owned Industrial Development Corporation of Zimbabwe (IDCZ) provided SZCC with the land in 2001 when it first began operations, however the deeds were never officially transferred to the company and therefore Indiva Farm is still considered state land. As a result SZCC claims it is failing to access lines of credit on the grounds of the absenc... |
LafargeHolcim launches new cement in northern Morocco13 September 2016, Published under Cement NewsLafargeHolcim Morocco launched its new cement ‘Perfecto’ in the northern Moroccan market. The product, produced in the company’s Tangier plant, is specifically geared to all masonry work and as it supports the needs of construction companies, builders and individuals, it is expected the new brand will help to develop the construction market in Tangier, Tetouan and Al Hoceima areas. The north of the country is a mature market, located close to Europe and represents around 30 per cent of do... |
USA: Martinsburg plant sale to reduce HeidelbergCement's debt funding12 September 2016, Published under Cement NewsThe gap to repay a EUR2.7bn bridge facility that supports HeidelbergCement's purchase of Italcementi is set to close, once the HeidelbergCement cashes in the sale of its Martinsburg cement plant. On 8 September HeidelbergCement sealed an agreement to sell Essroc's plant in West Virginia to Colombian cement producer Cementos Argos for EUR580m. This follows HeidelbergCement's acquisition of Italmobiliare in July for EUR6bn. Talking on the sale of Martinsburg, analysts from Moody said:... |
Lehigh Cement lays off 39 workers12 September 2016, Published under Cement NewsAccording to the union that represents more than 75 per cent of the workers at Lehigh Southwest Cement’s plant north of Redding, California, USA, Lehigh Cement made the decision to lay off 39 workers on Friday, 9 September 2016. Curt Aderhold, president of the union, said an email was sent out on Thursday evening to inform of the layoffs. Junior employees were said to be immediately let go. The email cited a catastrophic breakdown of equipment at the plant as the catalyst. Mr Aderhold sai... |
South Africa: PPC sets terms for its US$280m rights issue12 September 2016, Published under Cement NewsPPC has set terms for its ZAR4bn (US$280m) rights issue after the deal was almost unanimously approved by shareholders at the start of August. The rights issue has been talked about by the company since December 2015. Yet it has become all the more urgent and complex since S&P downgraded the company’s credit rating from A to BB- in May. “That triggered the need for the capital increase,” a banker on the deal said. PPC is offering 1bn new shares at ZAR4/share, a discount of 55.5 per c... |
Holcim Indonesia sees sales volume grow by 21.1% in 1H1609 September 2016, Published under Cement NewsPT Holcim Indonesia Tbk, part of the LafargeHolcim Group, noted that domestic sale prices of cement dipped 17 per cent in 1H16, but the company still achieved 11.5 per cent increase in sales revenues to IDR4.8tn (US$3.66m) and a 10 per cent improvement in absolute gross profit. This price erosion is expected to continue, the company said. An enlarged operation which includes Lhoknga cement plant in Aceh, acquired in February 2016, supported the company's sales volume growth up by 21.1 per ... |
Tough operating climate for Lafarge Malaysia Bhd09 September 2016, Published under Cement NewsKenanga Research, the research arm of Kenanga Investment Bank, has rated the outlook for Lafarge Malaysia Bhd as neutral, because of the country's weak property market coupled with the current oversupply situation. While Lafarge Malaysia has two cement plants in Rewang, Selangor, and Kanthan, Perak, are undergoing capacity expansion projects, there is intense competition, putting pressure on domestic cement prices. Moreover, coal prices have also been rising. The company is also ... |
Zimbabwe: SZCC considers cutting shifts as downturn hits sales09 September 2016, Published under Cement NewsThe Sino Zimbabwe Cement Company (SZCC), which operates an integrated plant in Gweru in central Zimbabwe, has said that it is considering reducing the number of shifts at the facility from three to just one in the face of declining sales. Zimbabwe’s economy has suffered from a prolonged drought, while manufacturers have also had to contend with smuggled cement from South Africa. Speaking to the Business Chronicle, SZCC managing director, Wang Yong, said: “We have a significant decrease... |
Sai Son Cement VND50bn renovation project09 September 2016, Published under Cement NewsSai Son Cement (SCJ) announced that it will spend nearly VND450bn (US$20.17m) on renovation projects of clinker production lines at its Nam Son Cement plant, an decision reached at a recent General Assembly. The investment will go towards renovating the plant’s equipment to save energy, which will in turn improve the economic efficiency of the clinker production lines. Some 20 per cent of the funds (VND85bn) for this project were generated through equity capital, while the remaining VND36... |
Ethiopia: Dangote plant attracted with cheap power deal08 September 2016, Published under Cement NewsDangote’s decision to establish a 2.5Mta cement plant in Ethiopia was motivated by a government guarantee of cheap electricity, Muhammadu Sanusi, the Emir of Kano, has claimed at a meeting of Nigeria’s National Council on Development Planning. In a speech reported in the Premium Times, the former Central Bank of Nigeria governor said that Dangote was promised a price of US$0.03/kWh if it would agree to build a plant in Ethiopia. This price is half the US$0.06 paid by consumers in the coun... |