Cement News tagged under: corporate
Senior appointments at Gujarat Sidhee Cement, India07 October 2014, Published under Cement NewsVR Mohnot has been appointed as Chief Financial Officer & Company Secretary of Gujarat Sidhee Cement effective 1 October 2014. In addition,. Anupama Pai has been named Compliance Officer, the company said in a statement to the Bombay Stock Exchange. |
Venezuela: final compensation installment delayed06 October 2014, Published under Cement NewsHolcim is yet to receive the last compensation installment in connection with the nationalisation of Holcim Venezuela in 2008, the company said in a statement today. Corporación Socialista Del Cemento, SA, which is operating the former Holcim plant, has not transferred the remaining compensation amount of USD$97.5m due on 10 September 2014. The Swiss cement major said it is in contact with the relevant parties in Venezuela to address this situation and, if necessary, "will pursue all lega... |
S&P's downgrades Trinidad Cement Ltd06 October 2014, Published under Cement NewsStandard & Poor's Ratings Services lowered its corporate credit rating on Trinidad Cement Ltd Group (TCL) to 'D' from 'B'. The downgrade reflects TCL's missed debt service payments due 30 September 2014. Such maturities are not subject to a grace period and we do not expect payment within five business days, which Standard & Poor's considers an event of default as per its criteria. In addition, the downgrade reflects TCL's 29 September 2014, notice to stakeholders, in which the company... |
Ciments du Maroc posts positive 1H14 results06 October 2014, Published under Cement NewsCiments du Maroc saw turnover increase to MAD1.63bn (US$185m) in 1H14, up 16.4 per cent from MAD1.4bn the same period the previous year. However, the company also experienced a 22 per cent rise in costs from MAD976.47m in 1H13 to MAD1.19bn, particularly in terms of raw materials and labour costs. This resulted in an operating profit of MAD444.234m, 7.8 per cent lower than the MAD481.56m noted in the first half of 2013. But a substantial reduction in financial charges helped net profit to ... |
Turkey: CRH and Eren Holdings plan sale of JV03 October 2014, Published under Cement NewsCRH and its Turkish partner Eren Holdings have applied to Turkey's competition regulator to sell their joint venture, Denizli Cimento, to army pension fund OYAK Group, according to a statement on the watchdog's website. Irish building materials major CRH and Istanbul-based Eren each hold a 50 per cent stake in Denizli. No price was given for the disposal. CRH has embarked on a disposal plan under new chief executive Albert Manifold and plans to sell at least 10 per cent of its net as... |
Egypt: National Cement swings to full-year loss03 October 2014, Published under Cement NewsNational Cement Co swung to a net loss of EGP138.4m (US$19.35m) in the fiscal year ended 30 June 2014 from a net profit of EGP93.5m for the year-earlier period. The pretax loss for the reported 12 months amounted to EGP135.5m, versus a pretax profit of EGP93.31m. The Egypt-based producer attributed the sharp negative change in its financial performance to two main factors: lower production costs of its competitors and discounts prices amid fierce market competition. |
Italcementi03 October 2014, Published under Cement NewsItalcementi's Egyptian subsidiary Suez Cement is expecting to start burning coal at its Katameya (Suez) works this autumn and the use of coal will also be introduced at the Tora and Helwan works within the next two years. The subsidiary Italgen is bringing on-stream 120MW of wind power generated electricity capacity by the end of this year, which should cover some 40 per cent of Suez Cement's electricity requirements. After the completion of a second investment programme, hopefully in 201... |
Buzzi Unicem03 October 2014, Published under Cement NewsBuzzi Unicem is to acquire, through its subsidiary Dyckerhoff, the 100 per cent interest in Uralsement from Lafarge for EUR104m in cash. The deal, which still requires regulatory approval, is expected to be completed later this year. The single plant has a capacity of 1.1Mta and is located near the town Korkino some 40 km south of Chelyabinsk and has ample raw material reserves. When completed, Buzzi Unicem should have a Russian cement capacity of some 4.5Mta, all in the Urals. |
Votorantim03 October 2014, Published under Cement NewsVotorantim Industrial increased its first-half turnover by 9.2 per cent to BRL13,427m (EUR4450m). Of this, Brazil represented 60.9 per cent or BRL8161m, a nine per cent advance. The EBITDA jumped by 25.4 per cent to BRL3011m (EUR998m) and the net attributable income went from a loss of BRL108m to a BRL522m (EUR173m) profit. Capital expenditure in the period was reduced by 21 per cent to BRL976m (EUR324m), while the net debt was reduced by 4.5 per cent to BRL17,093m (EUR5666m). Of the seco... |
TCL places hold on all debt payments02 October 2014, Published under Cement NewsFollowing a financial assessment of Trinidad Cement Ltd (TCL) by PricewaterhouseCoopers (PwC), the Caribbean-based cement producer has decided to place a hold on all payments due under the existing restructured loan agreements and has proposed a “standstill.” The decision to propose a standstill came after TCL met with its lenders on Monday to update them on the present state of the company. “Subsequent to the meeting, the board of directors took a decision to place a hold on all paym... |