Cement News tagged under: corporate
Addoha reportedly to sell 30% African stake to HeidelbergCement26 January 2016, Published under Cement NewsIt has been reported that the Moroccan Addoha Group will sell 30 per cent of its African assets to HeidelbergCement, according to local news sources. The value of the transaction is estimated at around MAD2bn (US$202m). When contacted, HeidelbergCement declined to comment. Following the construction of two cement plants in its home market of Morocco (Ben Ahmed and Beni Mellal), the Addoha Group has rapidly expanded its activities in Africa, launching subsidiary Ciments de L'Afrique (CIMAF... |
Eagle Materials President and CEO to retire26 January 2016, Published under Cement NewsEagle Materials announced yesterday that the company's President and CEO, Steve Rowley (62) has decided to retire as an officer and director of the company effective the end of this fiscal year, 31 March 2016. Mr Rowley has provided 25 years of continuous service to the company and its stockholders. Dave Powers, executive vice president for Gypsum Wallboard at Eagle since 2005, will succeed Steve as President and CEO on 31 March, and will then also be appointed to the Board of Directors. |
Russian Sberbank gets 6% of LH from Eurocement in repurchase deal25 January 2016, Published under Cement NewsSberbank CIB, the investment banking arm of Russian lender Sberbank, announced on Friday it now holds six per cent of LafargeHolcim following a repurchase deal with Russian Eurocement Holding. Under the terms of the agreement, the investment arm had organised financing for Eurocement Holding AG in return for 37m shares in LafargeHolcim. Eurocement has the right to buy back the shares at a specific price and on a certain date. The agreement was implemented on 21 January, the statement sa... |
China Shanshui Cement defaults on CNY1.8bn bond25 January 2016, Published under Cement NewsChina Shanshui has defaulted on a CNY1.8bn three-year bond carrying an annual interest rate of 5.4 per cent that matured on Thursday, the South China Morning Post reports. The development has pushed China Shanshui, closer to bankruptcy, as its earlier debt default triggered multiple lawsuits from creditors that have already seen some of its assets frozen or put into impending auctioning. "The underlying cause of Shandong Shanshui's debt problems is unresolved disputes over shareholders' co... |
New senior vice president announced to lead Tarmac business25 January 2016, Published under Cement NewsMartin Riley, former managing director of Tarmac’s Aggregates & Asphalt business, has been appointed senior vice president of Tarmac. Cyrille Ragoucy has left the business after three successful years as CEO. As part of this reorganisation, the Tarmac Cement & Lime business will work as part of a new CRH business cluster consisting of UK Cement, Ireland and Spain, led by Oliver Mahon, Senior vice president. These operational and management changes have been made as part of the transition ... |
LafargeHolcim planning potential disposal in South Korea22 January 2016, Published under Cement NewsGlenwood Private Equity is in talks to buy South Korea-based Lafarge Halla Cement in cooperation with Eugene Group, the country’s largest ready-mixed concrete manufacturer, and Sungshin Cement, another Korean cement maker. According to sources on Wednesday, LafargeHolcim Ltd, the majority shareholder of Lafarge Halla Cement, recently named Glenwood Private Equity as a preferred bidder for the cement business. The deal is estimated to be valued at somewhere between KRW500-600bn (US$417m-500... |
Cemex sets Dominican production record22 January 2016, Published under Cement NewsCemex has achieved a production of 2.2Mt of cement in its San Pedro de Macorís plant in the Dominican Republic. The figure is significantly above the rolling average of 1.8Mt of the past five years. "We have continued to strengthen our operations in Dominican Republic, enabling us to take advantage of the significant growth in the level of construction activity. Having achieved this new production record shows our commitment to the country, where we have created the conditions to contribu... |
Saudi: Umm Al-Qura Cement Co net loss narrows22 January 2016, Published under Cement NewsUmm Al-Qura Cement Co saw its full-year net loss narrow in 2015 to SAR24.07m compared to a net loss of SAR28m a year earlier. Operating losses were also down to SAR21.96m, compared to SAR27.12m in 2014. However, the Riyadh-based company reported net loss for 4Q15 of SAR10m, versus a net loss of SAR3.72m in the same period a year earlier. |
Tunisia: Ciments de Bizerte sees 1.78% turnover rise in 201522 January 2016, Published under Cement NewsTunisia’s Les Ciments de Bizerte posted a turnover of TND57.177bn (US$27.9bn) in 2015, up 1.78 per cent YoY. Domestic turnover saw a rise of 14.83 per cent to TND56.9m while exports have slumped by 96.3 per cent. The export low has been attributed to the instability of the Algerian market and the near-absence of Libyan demand. The company’s indebtedness has increased by 32.9 per cent to TND97.5m from TND73.4 at the end of December 2014. |
QNCC full-year profit up 10%22 January 2016, Published under Cement NewsQatar National Cement Company (QNCC) reported a 10.28 per cent rise in net profit to QAR463.5m (US$127.3m) for the 12 months to the end of December 2015 compared to QAR420.3m in the same period in 2014. Earnings per share grew to QAR 8.58 in 2015 compared to QAR7.78 a year earlier, according to a Qatar Stock Exchange bulletin. QNCC Board of Directors have recommended distribution of 40 per cent cash dividends and 10 per cent bonus shares. The company is currently constructing a fifth kil... |