Cement News tagged: Corporate
Camargo Correa in talks to sell stake in Argentinian cement assets
Reuters reports that an anonymous source has disclosed that Brazilian engineering firm Camargo Correa has opened talks with a view to selling a 40 per cent stake in its Argentinian cement firm, Loma Negra Cia Industrial. Camargo Correa has raised US$2.5bn this year from asset sales, and has been examining the feasibility of selling all or part of its stake in Loma Negra and Brazil’s InterCe...
South Korea: Hyundai Cement auction set to raise KRW600bn
The auction of Hyundai Cement, preliminary bidding of which is scheduled for 16 December, is set to attract bids from multiple prospective buyers, with the assets expected to fetch up to KRW600bn (US$515m), reports Korea’s Pulse. Hyundai Cement currently supplies seven per cent of the domestic market, and the company’s location in the country’s interior makes it particularly attractive to K...
Pakistan: Lucky Cement considers buying Hattar plant and investing in Iraq
Lucky Cement has announced that it has begun the due diligence process for the purchase of Dewan Cement’s 1.134Mta Hattar plant and that separately it would look to expand its grinding plant in Basra, Iraq, according to Pakistan’s The News. Lucky’s corporate strategy calls for an expansion of its business into northern Pakistan, for which the Hattar plant – located around 25km from Islamaba...
Cemex targets TCL acquisition
This week Cemex launched a bid to acquire Trinidad Cement Co Ltd (TCL) via its subsidiary Sierra Trading, which would consolidate the strength of Cemex in the region, while providing investment for the Caribbean cement sector. The interest in TCL by Cemex is long held and the Mexican multinational already has 39.5 per cent of the shareholding in TCL group via Sierra Trading. Cemex now aims...
Taiwan Cement plans to increase exports to China
The Taiwan Cement Corporation has said that it expects to ship 1.1Mt of cement to China in the first quarter of 2017, an increase of two per cent on its performance in 1Q16, the Taipei Times reports. In an earnings statement covering the first nine months of 2016, Taiwan Cement saw its profit increase by 13.7 per cent to TWD4.5bn (US$141m), driven by rising prices and a fall in the cost of ...
India: panel discusses Khrew cement plant modernisation
The Committee on Public Undertakings of the Legislative Assembly met to discuss a modernisation project for the upgrade of Jammu and Kashmir Cements Ltd's Khrew cement plant. The committee held discussions regarding the finances and working results, non-finalisation of annual accounts, manufacturing process and operational performance, production performance of the Khrew cement factory...
Philippines: Cement firms win environmental and mining safety awards
Apo Cement Corporation has won awards for safety and environmental standards at the Presidential Mine Safety and Environment Conference organised by the Philippine Mine Safety and Environment Association, the Manila Bulletin reports. The Cemex Philippines subsidiary received the Presidential Mineral Industry Environment Award (Platinum) for Mineral Processing and was declared winner for the...
Pakistan: FCCL calls board meeting to approve waste heat project
Fauji Cement Company Ltd (FCCL) has informed the Pakistan Stock Exchange that a special Board of Directors of the company will be held on 9 December 2016 to discuss and approve the waste heat recovery power plant (WHRPP) for Line 1, and Wärtsilä's captive power plant at Jhang Bahtar, district Attock, Pakistan. FCCL plans to install 9MW WHRPP at its 3700tpd cement plant and a 16MW Wärtsilä pow...
Hazemag appoints new Vice President
Hazemag have appointed Erik Bach to the position of Vice President of Minerals Processing, effective as of 1 January 2017. Mr Bach has previously held positions at FLSmidth, where he was ranked in the top 100 of management. Mr Bach intends to focus on the technology leadership for established products, the consistent completion of the product portfolio and the expansion of the company’s mar...
Côte d'Ivoire: Anyama grinding unit nears completion
Oumar Tembely, the director and resident head of mission of the West African Development Bank (BOAD) in Côte d'Ivoire, led a delegation on Saturday to see the progress being made in its investment of Diamond Cement's new grinding station, located 40km from Abidjan, on the road leading to Adzopé. The construction of the Anyama plant started in January 2015. Currently, the rate of completion...
Tanzania: Tanga Cement wins finance award
Tanga Cement Co Ltd (TCCL) has won the award for the best presented financial statement for 2015 from the National Board of Accountants and Auditors (NBAA). The NBAA award seeks to promote integrated reporting through enhanced accountability, transparency and integrity in compliance with appropriate financial reporting framework. The awards are presented annually by the board to various publ...
Caribbean: Cemex launch takeover bid for TCL
Cemex SAB de CV today announced that one of its indirect subsidiaries, Sierra Trading will present an offer and takeover bid for all shareholders of Trinidad Cement Ltd. "This Offer represents a clear sign of our commitment to TCL and the region. In addition, although we believe that our Offer is attractive given the premium to the current share price, as part of this commitment, it is als...
India: Dalmia Bharat Group to expand Odisha plant
Dalmia Bharat Group has announced an investment of INR20bn (US$2.9m) to expand the capacity of its cement plant in Odisha. Group company Dalmia Cement Bharat Ltd has 74.6 stakes in OCL India, a leading cement maker with the largest market share in Odisha. Mahendra Singhi, Group CEO, Dalmia Bharat Group, said: "Odisha is a currently on a high economic growth trajectory and its GDP is expected...
Philippnes: DMCI Holdings wants new cement plant on Semirara island
DMCI Holdings Inc is planning to build a cement plant on Semirara Island in the Visayas worth PHP18.3bn in an industry dominated by foreign manufacturers. The company hopes it can ride on the government’s infrastructure programme. Victor Limlingan, DMCI managing director, said the company is spending a total of US$380m (about PHP18.3bn) for the cement-manufacturing venture, building a cement...
Argos becomes the fourth largest US cement producer
Cementos Argos is now the fourth largest cement plant in the United States after the Federal Trade Commission approved the acquisition of the 2.2Mta Martinsburg cement plant and the eight product dispatch and receipt terminals for US$660m. The assets acquired open the door to new markets in the states of Pennsylvania, Maryland, District of Columbia, New York, New Jersey and Ohio. Cemento...
Ghana: Diamond cement fears staff lay offs
Diamond Cement is still considering its decision to lay off 50 per cent of the company’s staff over reports that it cannot sustain its operations, according to Citi Business News. Diamond cement has announced plans to reduce its staff strength by half by the end of November 2016. “We have not started laying off any of the real staff; we are now considering the situation. If nothing changes, ...