Cement News tagged under: corporate
Tongyang Cement goes into court receivership03 October 2013, Published under Cement NewsTongyang Cement has become the fifth victim of the group-wide financial agony. On 1 October the cement unit of Tongyang Group said in a regulatory filing that it applied for court receivership with the Chuncheon (Gangwon Province) District Court. Earlier on the same day, another group company specialising in IT services, Tongyang Networks, had asked for court receivership. As a result, following similar steps by Tongyang Corporation, Tongyang Leisure and Tongyang International, the total n... |
USA: TXI 1Q13 results reap the benefits of new line start-up03 October 2013, Published under Cement NewsTexas Industries Inc saw first quarter turnover increase by 33.6 per cent to US$233.1m, while corporate overheads were reduced by 15 per cent to US$8.7m and the EBITDA advanced by 94.2 per cent to US$37.3m. The interest charge jumped by 123.4 per cent to US$17.4m, reflecting the start-up of the Hunter cement plant in Texas, and at the pre-tax level there was a swing form an underlying loss of US$7.5m to profit of US$0.6m. At the net attributable level there was a swing from a US$2.7m loss ... |
Holcim CEO sees cost-cutting starting to work02 October 2013, Published under Cement NewsFrenchman Bernard Fontana, CEO of Holcim, who last year became the first outsider to lead the 101-year-old Swiss company, has been implementing a strict cost-cutting regime right through the company that extends even to himself. Shortly after taking the helm of Holcim, the 52-year-old Fontana launched a cost-cutting programme with the aim of restoring Holcim's return on invested capital (ROIC) to at least eight per cent after tax and boosting operating profit by at least CHF1.5bn (US$1.7bn... |
Bahrain: Falcon cement achieves ISO 900101 October 2013, Published under Cement NewsFalcon Cement Company (FCC) has achieved ISO 9001 Quality Management System Certification for its systems, after accreditation by Bureau Veritas. Falcon, which started production in March 2009, currently has a cement capacity of 1000tpd with a planned expansion in the coming year expected to see this grow to more than 2500tpd. This represents about 50-60 per cent of the current cement requirements of the Bahraini market. The certification follows a comprehensive assessment of the company ... |
India: rejuvenating a cement brand under HeidelbergCement01 October 2013, Published under Cement NewsHaving advised HeidelbergCement AG in its acquisition of the SK Birla-owned Mysore Cement, Ashish Guha, CEO of HeidelbergCement India (HIL), has steadily been rebuilding HeidelbergCement India. It was seven years ago when Daniel Fritz, who headed the multinational’s Asia Pacific market, asked Guha if he would be willing to take up the position of CEO and managing director of HIL. Apart from Mysore Cement, the new entity would include Indorama Cement, which HeidelbergCement had bought earl... |
India: Binani seeks power entry30 September 2013, Published under Cement NewsTheh Binani group is planning to enter the power generation sector, mostly through acquisitions. The Indian company already has a presence in cement, zinc and glass fibre sectors, but sees the energy market as its next logical way to progress. Binani Industries, the listed entity of the group, is the holding company for Binani Cement and Binani Zinc, both of which were delisted from the bourses. The group has already begun a process of transferring group holding outfit Binani Industries' 1... |
HSBC downgrades Holcim on emerging markets slowdown27 September 2013, Published under Cement NewsHSBC has downgraded Holcim to neutral from overweight and also reduced its target price to CHF72 from CHF77, citing weaknesses in emerging markets. The bank says an emerging market slowdown means there will over capacity and oversupply of cement will remain, while return on invested capital will be under pressure because of a squeeze on margins. |
Mykolaivsement announces supervisory board reshuffle27 September 2013, Published under Cement NewsAs a result of the recent change in ownership from Lafarge to CRH, Mykolaivtsement has announced changes to its supervisory board including the position of chairman. Supervisory board chairman Guenther Smetana has been replaced by Barry Leonard. Supervisory board members Alex de Valukhoff and Emanuel Petrovic have been replaced by John Francis Madden and Shane Michael Karmodi. All appointments are for a term of three years. Mykolaivtsement operates an integrated 1.3Mta wet-process work... |
Jaiprakash shortlists new round of divestments26 September 2013, Published under Cement NewsHot on the heels of selling its Gujarat cement facilities to UltraTech earlier this month, Jaiprakash Associates has initiated talks to sell two units in the Indian state of Himachal Pradesh to further trim its debt. According to local press reports who have cited multiple sources familiar with the deal, Jaiprakash is in talks with potential buyers to sell a 2Mta integrated works and a 2Mta grinding unit, both in the Solan district. Preliminary discussions have begun with a few global a... |
Baticim new mill put into operation, Turkey26 September 2013, Published under Cement NewsBaticim Bati Anadolu Cimento Sanayii has put its new vertical raw mill for finish cement into operation. The mill has a capacity of 380tph, Baticim said in a bourse filing. |