Cement News tagged under: corporate
Fitch: ratings unchanged for Votorantim02 June 2014, Published under Cement NewsAccording to Fitch Ratings, the recent decision by Brazil's antitrust agency, CADE, to stiffen the penalties against Brazilian cement companies allegedly engaged in price collusion presents a significant challenge to Votorantim Cimentos (VCSA), but it will not result in a negative action to its 'BBB' rating. VCSA's Rating Outlook was affirmed by Fitch at Negative on April 8, 2014. This rating action took into consideration the possibility of a negative ruling by CADE. All six of the cemen... |
Saudi Cement recommends dividend02 June 2014, Published under Cement NewsSaudi Cement Co’s board of directors has recommended paying a dividend of SAR3.5 per share for first six months of 2014, the firm said in a bourse filing on Sunday. Shareholders owning the company’s stock at the end of trading on 1 July will qualify for the dividend, which will be paid on 9 July the statement said.? Saudi Cement reported a 16 per cent drop in first quarter 2014 profit which it blamed on sagging local demand and losses from an associate company. |
Brazil’s CADE fines six cement companies US$1.4bn for price-fixing29 May 2014, Published under Cement NewsBrazil’s antimonopoly authority CAD has fined six cement companies a total fine of BRL3.1bn (US$1.4bn) for fixing market prices. Votorantim Cimentos SA , Camargo Correa-owned Intercement Brasil, ITAB Agro Industrial SA and Cia Cements Itambé SA, Holcim and Cimpor agreed to fix prices to eliminate market competitors, said CADE in a10-hour hearing. Votorantim has been ordered to pay BRL1.5bn, Holcim BRL508m, Itabira BRL411m, Cimpor BRL297m and Intercement Brasil BRL241m. CADE has also ... |
Eurocement and Sberbank sign agreement29 May 2014, Published under Cement NewsEurocement Group and Sberbank of Russia have signed a cooperation agreement to secure funding for the construction of new plants in Russia. The agreement was signed by Filaret Galchev, Eurocement’s chairman of the board of directors, and Herman Gref, CEO and chairman of Sberbank during the XVIII St Petersburg International Economic Forum. The investment will allow Eurocement to increase its share of dry-process production to 100 per cent by 2018. By the time the programme reaches its conc... |
Lafarge sells Ecuador operations28 May 2014, Published under Cement NewsLafarge announced the sale of its cement operations in Ecuador for an enterprise value of US$553m to Union Andina de Cementos SAA (UNACEM). Lafarge Cementos SA operates an integrated cement plant of 1.4Mt of capacity, located in Otavalo, in the North of the country. This divestment will contribute to Lafarge's objective to reduce net debt below EUR9bn in 2014, the group said. Ecuador was one of the countries where the proposed ‘LafargeHolcim’ combination was expected to see considerable... |
FLSmidth Ventomatic consolidates its presence in the minerals and chemical industries28 May 2014, Published under Cement NewsFLSmidth Ventomatic SpA (Ventomatic) has strengthened its position in the minerals and chemical industries through the consolidation of partnerships with two Italian companies, Imeco® and Italmeccanica, both with long-standing experience in the packaging of powdery and granulated products. Ventomatic said in a statement that thanks to these two strong business partnerships, it is now in the position to design, manufacture and supply fully proven and efficient bagging solutions specificall... |
New Supervisory Board of KHD elected28 May 2014, Published under Cement NewsAt yesterday's Annual General Meeting the shareholders of KHD Humboldt Wedag International AG (KHD) passed a resolution to reduce the number of Supervisory Board members to three persons and has re-elected Ms Eliza Suk Ching Yuen and Mr Hubert Keusch as members of the Supervisory Board. Mr Kangning Zou has been newly-elected as a member of the Supervisory Board. In the constitutive supervisory board meeting held subsequent to the Annual General Meeting of shareholders Mr. Hubert Keusch wa... |
China National Building Materials (CNBM)27 May 2014, Published under Cement NewsCNBM, along with Sinoma and Sinomach, has been awarded a contract by Eurocement to supply equipment to a series of new cement plants across Russia. The works will be located in Leningrad, Ryazan, Bryansk, Arkhangelsk, Ulyanovsk and Samara. Using dry-process technology they will have a combined production capacity of 17Mta. “The programme is set to give a huge boost to growth in Russia’s construction sector as a whole, by providing high-quality cement for infrastructure and residential projec... |
PT Indocement27 May 2014, Published under Cement NewsHeidelbergCement, which owns a majority stake in PT Indocement, has posted a 10.5 per cent increase in cement and clinker sales to 17.5Mt in 1Q14, compared to the same period last year. Group revenue over the period rose by 5.7 per cent to EUR2750m. Excluding consolidation and exchange rate effects, this increase amounted to 14.8 per cent, primarily due to higher sales volumes across all the company’s business lines. While much of this growth has been attributed to the mild winter and pos... |
Anhui Conch Cement Co27 May 2014, Published under Cement NewsUS-based The Capital Group has reportedly acquired 5.55m shares in Anhui Conch Cement Co Ltd, at a cost of HKD159.21m (US$20.53m). The deal gives Capital Group a 9.25 per cent stake in the cement producer. The news comes as Anhui Conch shares slumped 3.2 per cent in mid-May as an unexpected slowdown in industrial output and investment growth fuels fears that China's economic crisis is deepening. The government has also introduced a curb on interbank borrowing that is expected to further exac... |