Cement News tagged under: holcim
Moody's says CCI ruling to hurt Holcim & Lafarge26 June 2012, Published under Cement NewsMoody's has said the Competition Commission of India's (CCI) decision to impose a penalty on 11 cement producers is 'credit negative' for global cement majors Holcim and Lafarge both of which have Indian interests that have been fined. The agency said that the indirect consequences of the CCI decision is more harmful than the cash-outflow due to the penalty. "We believe that indirect credit consequences from the decision will outweigh the cash effect of the fines on Holcim and Lafarge,"... |
Holcim investor sells CHF320m stake, Switzerland25 June 2012, Published under Cement NewsHolcim's third largest investor, The Capital Group Companies, sold a CHF320m (US$333m) stake in the Swiss maker of cement on 20 June. The asset manager now owns 2.96 per cent, Holcim said in a press release, down from 4.9 per cent as of 13 September, data compiled by Bloomberg show. The Capital Group Companies share sale was completed on June 20, according to a statement from the Swiss SIX stock exchange. |
Holcim to contest Indian price fixing fine22 June 2012, Published under Cement NewsHolcim has said will defend the position of its two Indian units on the penalties imposed by the Competition Commission of India (CCI) for price fixing. Yesterday, the CCI announced that it would fine 11 Indian producers a total of US$1.1bn, stating that they had created an artificial cement shortage “so as to reduce supplies and raise prices in times of higher demand," it said in its judgment. The ruling applies to Holcim group companies ACC and Ambuja Cements (ACL), which have been fi... |
Indian producers issued with record fine on price fixing21 June 2012, Published under Cement NewsEleven Indian cement producers have been issued a total fine of INR60bn (US$1.1bn) for price fixing, the highest ever fine issued by the country’s antitrust authority in its three-year existence. The Competition Commission of India (CCI) said in its ruling that the companies colluded to underuse their plants and create an artificial cement shortage. "The commission has found that the cement companies have not utilised the available capacity so as to reduce supplies and raise prices in tim... |
Fontana sees more swaps in cement reshuffle15 June 2012, Published under Cement NewsHolcim Chief Executive Officer Bernard Fontana said swapping cement production facilities is more likely than outright purchases or sale of individual units, according to Bloomberg reports. Swapping parts of a portfolio with another company would not be more difficult to implement than buying or selling individual units, Fontana told journalists at a meeting in Zurich. Holcim’s CEO has said he is open to “selective divestments,” though he declined to comment specifically on Holcim’s mergers... |
Holcim on track to achieve sustainable targets12 June 2012, Published under Cement NewsHolcim said on Tuesday said it is on track to achieve its sustainability targets. I n the 2011 Holcim Corporate Sustainable Development Report, which features the company's progress against existing targets, Holcim said its self-imposed targets for reducing dust and NOx emissions have been met, and that the company leads in the industry with the lowest CO2 emissions per tonne of cement produced. Holcim also reported that it has improved the Lost-Time Injury Frequency Rate by 79 per cent ... |
Holcim06 June 2012, Published under Cement NewsHolcim's first-quarter turnover improved by 2.2% to CHF4760m (€3922m), which represents an increase of 7.1% on a comparable basis and measured in euros, the turnover advanced by 8.1%. The operating EBITDA eased by 1.1% to CHF745m (€614m), which represents a 4.6% advance in euro terms. The trading profit edged up by 0.5% to CHF349m (€287m), while at the net attributable level there was small profit of CHF10m (€8m), reflecting an improvement of 1.1%, or of 7.0% in euro terms. Net debt at the e... |
Spanish cement woes continue28 May 2012, Published under Cement NewsSpanish cement consumption continues its downward spiral with latest data showing monthly figures hitting a 46-year low as budget austerity and high unemployment continue to inhibit activity. Depressed volumes are now forcing local producers to initiate restructuring and cost-cutting measures as the bottom of the decline is yet to be seen. Following the spectacular burst of the Spanish housing bubble in 1998, the country's residential sector has faced high housing inventory levels and a l... |
Holcim to cut 35% of workforce in Spain23 May 2012, Published under Cement NewsHolcim will have to cut 373 jobs in Spain (equivalent of 35 per cent) of its staff in the country, local press have reported. The Swiss-based major is to shut down part of its production capacity in Toledo and to close its plant in Murcia on the back of declining Spanish demand and a weak outlook. Holcim's Spanish sales have slumped by 63 per cent since 2007. In the first four months of 2012, demand in Spain plunged by 40 per cent YoY. Abstracted from an original article in Cinco Dias. |
JP Morgan ups Holcim price target on US outlook, risks remain21 May 2012, Published under Cement NewsJPMorgan raises Holcim's price target to CHF56.50 from CHF55.20 due to optimism on the outlook for the private building sector in the US. "Much better volumes in cement and great weather has provided some hope for the sector," says analyst Michael Morris. Still "risks remain in India, where Holcim is most exposed," he notes. |